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The Changing Phases of the Great Depression

In: The World Economic Crisis and Japanese Capitalism

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  • Makoto Itoh

    (University of Tokyo)

Abstract

Contrary to the general impression, which sees a sort of exceptional position in Japan of a strong, stable and harmonious economy, exempted from the global great depression, Japanese capitalism has also been in a serious crisis continuously since the end of 1973. Far from being stable, the Japanese economy experienced unstable changing phases, as we see in Figure 7.1, mostly in accord with the dynamic processes of the global depression. In contrast to the previous period of high economic growth with average real annual growth rates around 10 per cent the Japanese growth rate declined sharply to 3.7 per cent on annual average between 1974 and 1984. Let us briefly examine in this chapter the main features of the changing phases in Japanese capitalism in the process of a continuous great depression. Figure 7.1 Japanese growth rate, 1972–87

Suggested Citation

  • Makoto Itoh, 1990. "The Changing Phases of the Great Depression," Palgrave Macmillan Books, in: The World Economic Crisis and Japanese Capitalism, chapter 7, pages 167-179, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21084-8_7
    DOI: 10.1007/978-1-349-21084-8_7
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