Conclusion

Throughout this book we have attempted to paint a broad picture of the major features of the Japanese economy in the postwar era. As mentioned in the preface, we did not wish to dwell on the immediate present and for that reason, we have liberally resorted to statistical data spanning the entire period. What we have hoped to impart to the reader is an appreciation of the fact that although Japan is essentially a very conservative society, its economy has been in a constant state of flux. By that we are not referring to the obvious, such as the series of economic restructurings in which the composition of Japan’s leading industries have periodically been rearranged. Rather, we have in mind the manifold institutional and behavioural changes, which cumulatively have engendered radical transformations. Change, of course has not been evenly distributed across all sectors, for in some, the forces of inertia have proved to be stronger than in others. Nor is it true that the Japanese economy is converging in character to that of a Western one. After all which country best typifies a Western one? The US or say Germany and Sweden? Finally, we can never be sure precisely how the Japanese economy is likely to continue evolving, for postwar literature is rife with forecasts indicating how this or that aspect is ripe for change and in many, if not most, instances prophecies have not materialized. Before singling out what we regard as likely future scenarios, we have summarized in point form, some of the numerous changes that have actually been in the making. The chapter in which they are discussed in this book is indicated in brackets.