“Reversed Investment Cycles” Between Japan and United States in the Half Century
For more than fifty years after the World War II, the medium-term investment cycles have manifested “reversed cycles” between Japan and the United States. It is strange enough that a majority of economists have not recognized its existence for a long time. Before the war, it was noticed by Brinley Thomas in his Migration and Economic Growth (1954) that the building cycle had demonstrated inverse cycles between the United Kingdom and the United States since around the mid-eighteenth century. It is interesting to find a similar reversed cycle had existed under perfectly different reasons for about fifty years also between Japan and the United States. Its exploration, however, has been so far untouched.
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