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Japan as an Economic Power

Since World War II, the world has watched as Japan rebuilt itself from a defeated enemy to a participant and then a leader in the global economy. "Made in Japan" no longer carries the aura of inferior goods; indeed, many Americans consider Japanese goods to be of higher quality and lower prices than American goods. The nation that was once considered nonthreatening and powerless in the world economy has emerged as one of the most significant economic powers of the late twentieth century. How this transformation came about, and what it means to Americans and the world at large, is the subject of this research.

In his book, The Sun Also Sets, Bill Emmott takes on the rise of Japanese power. Emmott holds that the power of Japan is not limited merely to its economic strength, which is formidable, but also crosses over into fashion, cuisine, financial services and department stores (particularly in Asia). The nation has itself been transformed through this interaction with the rest of the world, and the larger cities, Tokyo in particular, have taken on a more cosmopolitan appearance and attitude (4).

Until recently, Japan's economic progress was considered by Westerners, and even by some Japanese, as impressive, but not long-term. The fact that Japan depends on raw materials imported from the outside world was cited as a significant weakness: the country is vulnerable to price increases in its raw materials, or to severe production disruptions if the supply is halted or slowed for any reason. Another view held that the nation was dependent on a currency that was significantly undervalued in the world market: if the country were to compete at market prices, the progress would almost certainly be curtailed (5).

These theories were put to the test during the 1970s and 1980s. In the 1970s, President Nixon devalued the dollar against the yen. Later in that decade and over the course of the next several years, the price of oil...

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Japan as an Economic Power. (1969, December 31). In LotsofEssays.com. Retrieved 10:51, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1695877.html