Late Shōwa Economy and Culture (1952–1989)
from Part V - To the Twenty-first Century
Published online by Cambridge University Press: aN Invalid Date NaN
Commonly considered the heart of a century dominated by American power, values, and innovation (an “American Century,” according to American publicist Henry Luce), the latter twentieth century is, from the perspective of Japan, less an American age than one of intimate global exchange. The model of state management of the economy and “superdirect” industrial financing perfected by Japan after 1945 grounded not simply an East Asian “economic miracle” but a “Golden Age of Capitalism” (1945-1973). American pundits like Thomas Friedman celebrated the new global prosperity as the apotheosis of a unique American spirit of enterprise. But the term used to describe the phenomenon – “globalization” – was initially popularized in the 1980s to capture the incredible global reach of Japanese manufacturing, banking, and shipping.
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