Economic Development and Small Businesses in Japan$$^1$$

Because of World War II, Japan’s economy lost the majority of its industrial production force. Japan, on the other hand, saw fast economic expansion from 1955 onwards, eventually joining the group of the world’s most developed countries in the early 1970s. From 1955 through the early 1970s, the United States experienced a period of rapid economic growth. There are differing viewpoints on the mechanisms that enabled Japan to achieve such high economic growth, dubbed the “Economic Miracle.” It is possible to say that Japan’s postwar economic progress was founded on technological innovation and financial assistance from the United States. which established Japan’s place in the global economy, bank loans, and the entrance of foreign technology It goes without saying that the “The high expansion of postwar Japanese capitalism was not achieved solely by large corporations. On the contrary, it would have been difficult to accomplish such tremendous development without small firms, particularly in their positions as subcontractors, which has attracted international attention.” (Nomura, 126; 1981) The goal of this essay is to clarify the function of small enterprises in the economic development process.

Author (S) Details

Katsuhiko Hirasawa
Nihon University, Japan.

Pei Xiong
Nihon University, Japan.

Yutaka Takakubo
Nihon University, Japan.

Jin Yu
Hohai University, China.