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Japanese Economic Miracle

Path to Industrial Development.

The Japanese adopted the technology from the West and worked on improving it through innovation and improved production methods to produce quality goods and services that were inexpensive compared to their competitors in the West. This is how Japan managed to capture the world market for its industrial products and moved to become the second largest global economy after the United States of America. But now China has taken over the second position thereby pushing Japan to third position.

“The Japanese improved the technology by producing better, cheaper goods than those of the West.”



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