Abstract
At somewhat different times during the postwar era, both China and Japan have been referred to as “miracle economies,” with a good deal of justification in both cases. Japan had by far the highest rate of growth in the industrialized world from the 1960s through the 1980s, and by 1990 it had arguably caught up with, if not passed, the United States as the world’s leading economy. For most of the last 15 years, in stark contrast, Japan’s economy has stagnated. China’s economic surge has, if anything, been more spectacular than Japan’s in numerical growth rate, as it has had the highest growth rate in the world over the last 25 years, a truly remarkable accomplishment. Yet because it started from such a low base in development, China is still at the level of a developing nation in terms of GDP per capita (it has 1.3 billion population), although its industrial centers, particularly Shanghai, are certainly first-world cities (United Nations, 2005).
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Clark, C. (2007). The Evolving Global and Regional Economic Roles of China and Japan: Competitive and Complementary Forces. In: Hsiung, J.C. (eds) China and Japan at Odds. Palgrave Macmillan, New York. https://doi.org/10.1057/9780230607118_4
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