The David McWilliams Podcast Japan: From Feudal Isolation to Economic Superpower
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Aug 5, 2025 
In this engaging discussion, economist Russell Jones, author of 'A Modern Economic History of Japan', shares insights on Japan's remarkable economic transformation. He delves into the Meiji Restoration and America's role in post-war recovery, spotlighting how Japan emerged as a manufacturing powerhouse. The conversation also touches on Trump’s manipulation of economic statistics, the 1980s property bubble, and Japan's adeptness in navigating oil shocks. Jones' analysis provides a rich context for understanding Japan's sustained resilience and its global economic impact.
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Meiji Restoration's Strategic Goal
- The Meiji Restoration was Japan's strategy of rapid development for self-preservation against Western colonialism. - They adopted Western institutions selectively to avoid being colonized and to become a regional power.
US Support Fueled Postwar Growth
- Post-1945 Japan was devastated but had a "sugar daddy" in the US supporting reconstruction and security. - US policies, a stable undervalued yen, and an educated workforce fueled Japan's rapid post-war economic growth.
Japan's Oil Shock Resilience
- Japan managed oil shocks better than Europe because of flexible corporate wages tied to profits. - Strategic shifts in oil sourcing and institutional strengths helped Japan navigate economic shocks effectively.
