Preview

Japan vs Uk Economy

Good Essays
Open Document
Open Document
866 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Japan vs Uk Economy
Contemporary history of Japan and UK
Japan is the first Asian country to industrialise its economy and become on par with the advanced west. This is all down to a very strong and determined work ethic and their technological aptitude. They place very high emphasis on education and with a comparatively small defence allocation (1% GDP) they have one of the most technologically advanced economies in the world. Japan enjoyed real economic growth for three decades with a 10% average in the 1960s, 5% in the 1970s and 4% in the 1980s. However, growth slowed markedly in the 1990s to an average of 1.7% due largely to inefficient investment and an asset price bubble in the late 1980s. In March 2011, Japan was hit with their strongest-ever earthquake, and a subsequent tsunami, which caused major devastation, killing thousands and damaging several nuclear power plants. The catastrophe disrupted the country's economy and its energy infrastructure, and severely strained its capacity to deal with the humanitarian disaster (https://www.cia.gov/library/publications/the-world-factbook/geos/ja.html).
The UK was the first nation to industrialise by the mid nineteenth century she was considered the most advanced economy in the world. The British industrial revolution was founded on the basis of the market or capitalist economy. Adam smith is the father of the capitalist economy, he identified some key features of this system in his book “The Wealth of Nations” 1776, the features were: private ownership of resources; the price mechanism allocating scarce resources; laissez faire; competition; profit motive; and consumer sovereignty the Prior to 1979 the British approach to macroeconomic policies was very Keynesian.
Britain joined the European Rate Mechanism (ERM) of the European Monetary System (EMS) which meant that the British pound was tied to the EU exchange rate (Woodward, 2004). Britain’s financial policies were influenced by the collapse in oil prices during the early part

You May Also Find These Documents Helpful

  • Good Essays

    The Industrial Revolution

    • 783 Words
    • 4 Pages

    The Industrial Revolution was a major change in the nature of production in which machines replaced tools and steam and otherenergy sources replaced human or animal power. The IndustrialRevolution began in England in the middle 1700s. During the IndustrialRevoltuion, workers became more productive, items weremanufactured, prices dropped, making hard to make items available tothe working and middle class and not only the wealthy. Life generallyimproved, but the Industrial Revolution was also harmful. Pollutionincreased, working conditions were harmful, and capitalists employedwomen and young children, making them work long hours for lowwages. The Industrial Revolution began in England for many reasons. In 1700s,Britain's economy was mainly an agricultural economy. Wealthylandowners bought up all the land and enclosed their land with fencesallowing them to cultivate larger fields called enclosures. This causedthe enclosure movement, which put most small farmers out of workcausing them to move to cities. This movement to cities is known asurbanization, which gave Britain a large population of workers. Britainalso had many natural resources and an expanding economy tosupport industrialzation, or the process of developing machineproduction of goods. The resources needed to provide these goods andservices were called factors of production, which included land, labor,and capital (wealth).…

    • 783 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    During the Industrial Revolution, Great Britain experienced increased population, trade and an expanded economy. In the 1850’s, population reached a staggering 266 million. Because there were so many people, and because Britain was making and exporting so many goods, new factories opened up. And because of this, many new jobs became available. This caused industrial capitalism. Industrial capitalism is an economic system that is based on industrial production. Because so many people were now in Britain, it became dense and urban. This caused many new factories to open up, which caused the production of all exports to increase, which led to industrial capitalism to grow in Great Britain.…

    • 108 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    The Industrial Revolution began in Great Britain during the late 18th Century due to it’s indefinite source of coal and iron resources and geographic location. This change from a domestic to a factory system had positive but also negative effects on Great Britain. The Industrial Revolution had an overall positive economic impact because of the advancements in the production and transport of goods.…

    • 751 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Industrial Revolution Dbq

    • 645 Words
    • 3 Pages

    The Industrial Revolution was a transformation in Great Britain during the 18th and 19th century that involved great innovations in technologies, manufacturing, agriculture, and transportations. Changes in government, society, and trade also proved that the Industrial Revolution was a period of time where new ideas thrived and that countries around the world were greatly affected. The immense growth in population, which mainly consisted of workers and laborers, the effective waterways and abundant natural resources, and the political stability of Great Britain all caused the country to become the very first one to experience an Industrial Revolution.…

    • 645 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Although abundant natural resources of Great Britain was the important factor of the Industrial Revolution, it was other economic, agriculture, and political realities that made Britain become first country to industrialize and create today’s modern economic system.…

    • 177 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    The Industrial Revolution began in Great Britain in the late 1700s and is defined as the movement to powered machinery. Before, work was done by hand, but five key factors changed everything. The agricultural movement increased the food supply and decreased the labor and cost of food. This led to the population boom essential for the Enclosure Movement. The Enclosure Acts allowed the rich to fence off estates, which forced the growing population into cities, creating a large labor force. Great Britain then used its capital to invest in machines and factories that would be powered by large amounts of natural resources. Finally, goods could be sold to Great Britain’s colonial empire to support the economy. Though the Industrial Revolution created…

    • 1941 Words
    • 8 Pages
    Good Essays
  • Better Essays

    During the 18th century the Industrial Revolution began in Great Britain, which at that time was the most powerful and wealthiest empire on the planet. Soon thereafter, other countries such as Germany, the United States and France became a part of this historical event. The impact on the world was monumental. It changed the ways by how the world produced its goods. “It also changed our societies from a mainly agricultural society to one the in which industry and manufacturing was in control” (The Industrial Revolution).…

    • 1013 Words
    • 5 Pages
    Better Essays
  • Good Essays

    The Industrial Revolution began in Great Britain because social, political, and agricultural conditions there were particularly favorable at that time. More importantly a stable govt. in Britain meant that monarchs and aristocrats were less likely by chance to seize income or impose taxes on people. As a result, earnings were safer, and ambitious businessmen could gain wealth, social status, and power more easily than in other parts of Europe. As a result this, many thinkers tried to understand this staggering changed that took place.…

    • 925 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    The industrial revolution of 17th and 18th centuries saw the transformation of Britain from a Neolithic nation into an industrious nation. However, this spread quickly throughout the world, introducing the modernisation of agriculture, revolution in power and manufacturing of textile.…

    • 1420 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    One may question, out of all the other parts of the world, why was it Britain to industrialize first. The main ideal behind Britain’s rise to industrialization in the seventeen hundreds is because the people at the time period had a modern way of thinking; the population was ready to move away from hand labor and agriculture to factory machines and large industrial companies (Sea.ca, 2003). They craved for a more productive and efficient way of getting tasks done. This state of mind was the backbone of the industrial revolution. However Britain had certain advantages that acted as a driving force for the revolution. First of all, in the 1700’s Britain experienced a population growth due to scientific improvements in farming; the increase in crops and healthier livestock improve health and living conditions. The larger the population, the more labor opportunities to work in factories, and the more demand for the products from the factories (Little, n.d.). Another advantage was its political stability. Since England was an isolated island nation, despite participation in the European wars of…

    • 1538 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    The Rise of Japan

    • 920 Words
    • 3 Pages

    the reason why Japan was able to modernize its industry, military and government to the point where they were able to compete with the west, while the rest of Asia lagged behind was due to the fact that they were flexible. They realized that in order to become more powerful than the west they needed to modernize and get their technology, industry, military and government up to date so they could improve and become more advanced than the other world powers. They knew that if they continued living as they were (under their strict and ancient ways of life and traditions) they were not going to become anything significant, but instead end up defeated and ruled by the west (who they despised).…

    • 920 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The Industrial Revolution began during the eighteenth century, significantly altering the lives of millions and society, in terms of social order, industry, and technology. Due to many of its advantageous factors over other nations, Great Britain became the first nation to industrialize and prosper. The combination of social, economic, cultural, and political factors allowed Great Britain to be first.…

    • 502 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    First of all, economic growth is generally thought of as the most significant single measurement of an economy’s performance. Economic growth is measured by the as the percentage increase in the value of goods and services an economy produces over a period of time, this also refers to the “Gross Domestic Product” GDP. The total GDP of Australia is 1.52 trillion dollars in 2013, expanded 0.80% in the fourth quarter of 2013 over the previous quarter. Whilst the total GDP of Japan is 4.52 trillion dollars in 2013, expanded 0.30% in the fourth quarter of 2013 over the previous quarter. From looking at the recent statistics in the year 2013, the economic growth of Japan is much more greater than Australia, the total GDP of Japan is four times greater than GDP of Australia, also Japan has a more sustainable growth, only 0.30% increase from the previous quarter compared to Australia with 0.80% increased from the previous quarter. In fact, Japan is the world’s third largest automobile manufacturing country, has the largest electronics goods industry and is ranked among the world’s most innovative country. Whilst Australia still primarily depends itself on the “mining boom”, resources and trade, however the recent statistics showed that the “mining boom” is significantly dropping and the falls of Quatas has caused Australia to face some serious problems. It is clear why Japan economy growth is stronger than Australia.…

    • 796 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    Industrial Revolution was a period of time full of hatred, exploitation, violence, bloody slave trade in which British mercantile gained massive amount of wealth, unscrupulous colonization aimed to trade, and countless wars against other countries. The so-called institution favorable to economic development did not exist, at least not until the ending of second IR. Contrary to what the documentary said about Britain being a liberal country, it was absolutely not a one that followed today’s free trade policies, and in fact it put a high premium on trade protectionism. It’s tariff was among the highest level throughout the world . It directly banned imports of wools, export of some technologies and…

    • 613 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Industry of Japan received the destructive blow by World War II. Policies such as the prioritisation of production system which is tied to major industries. As a result, Japan was hit by serious inflation. Although Japan had faced a great financial burden by the Korean War and many sacrifices were paid, heavy industry of Japan increased tremendously at the time of Koreafs special procurements. Starting with the Jinbu business which started in 1955, high growth was attained centring on the manufacturing industry. Increase of purchasing power by the rise of wages of labourers who recognised the existence of a labour union increased the production by plant-and-equipment investment. This made a capital of foreign currency gained by export, and the economy of Japan accomplished a great expansion. The economic scale of Japan overtook West Germany in 1968 and became 2nd in the world with based on GDP.…

    • 1439 Words
    • 6 Pages
    Better Essays