ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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JAPAN-Ugly Side of the Miracle

policy which worked so smoothly to Japan's advantage till the late sixties, seem to be coming apart in the seventies. Japan achieved high growth rates of 6 to 10 per cent per annum in the fifties and sixties, based on exploiting its Asian and African neighbours raw materials and European and US markets. In this manner it succeeded, in the early phase, in reconstructing its war-torn economy and later in accumulating large reserves through balance of payments surpluses.

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