An Analysis of the Growth Rate during Modern Economic Growth
Despite the setback caused by the Second World War, Japan’s modern economic growth has continued from the mid-1880s until the present day—in other words for a full century. The purpose of this chapter is to survey the process of modern economic growth by discussing the level and changes of the growth rate of gnp. In Section 3.1 we put forward a theory (the ‘relative backwardness hypothesis’) to explain why Japan’s economic growth rate in this period has been higher than the growth rates of the developed countries of the west. In Section 3.2 we analyze cyclical fluctuations in the growth rate, particularly ‘long swings’, looking at historical events and their relationship with the ‘upswings’ and ‘downswings’. In Section 3.3 we turn our attention to long-term trends for the growth rate, and the phenomenon of ‘trend acceleration’.
KeywordsEurope Income Full Century Monopoly
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- Trend acceleration: Ohkawa and Rosovsky, 1973, chs 2 and 8Google Scholar
- Long swings and business cycles: Fujino, 1966; 1968 Ohkawa and Rosovsky, 1962 Shinohara, 1962, part 2; 1982, ch. 11Google Scholar
- Pre-war and wartime economic growth: Allen, 1972 Cohen, 1949 Lockwood, 1968, ch. 2 Nakamura, 1983Google Scholar
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