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SS3: ECONOMICS - 1ST TERM

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  1. Basic Tools for Economic Analysis I | Week 1
    4 Topics
  2. Economic Lessons from Asian Tigers II | Week 2
    6 Topics
    |
    1 Quiz
  3. Human Capital Development I | Week 3
    2 Topics
  4. Human Capital Development II | Week 4
    2 Topics
    |
    1 Quiz
  5. Petroleum and the Nigeria Economy I | Week 5
    3 Topics
  6. Petroleum and the Nigeria Economy II | Week 6
    3 Topics
    |
    1 Quiz
  7. Manufacturing and Construction | Week 7
    3 Topics
    |
    1 Quiz
  8. Services Industries | Week 8
    3 Topics
    |
    1 Quiz
  9. Agencies that Regulate the Financial Market | Week 9
    9 Topics
    |
    1 Quiz
  10. International Trade | Week 10
    8 Topics
    |
    1 Quiz



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The Japanese Miracle is the name given to the historical phenomenon of Japan’s record period of economic growth following world war II, spurred mainly by United States investment but partly by Japanese government economic intervention in particular through their Ministry of International Trade and Industry. The distinguishing characteristics of the Japanese economy during the “economic miracle” years included:

1. The cooperation of manufacturers, suppliers, distributors, and banks in closely knit groups called keiretsu

2. The powerful enterprise unions

3. Good relationship with the government bureaucrats 

4. Guarantee of lifetime employment (Shush in Koyo) in big corporations and highly unionized blue-collar factories. 

Prime Minister Hayato Ikeda, also knon as “the single most important individual architect of the Japanese economic miracle” pursued a policy of heavy industrialization.

This policy led to the emergence of over-loaning (a practice that continues today) in which the Bank of Japan issues loans to city banks who in turn issue loans to industrial conglomerates. The period of rapid economic growth between 1955 and 1961 paved the way for the “Golden Sixties”, the second decade that is generally associated with the Japanese economic miracle. In 1965, Japan’s nominal GDP was estimated at just over $91 billion. Fifteen years later, in 1980, the nominal GDP had changed to a record of $1.065 trillion.

Reasons for Japanese Miracle

1. The government introduced a policy for development technology.

2. The Japanese coronation encourage efficient and strategies such as quality assurance.

3. The Japanese banks invest more on property and capital assets.

4. The government invested in public social amenities such as airports, railways, roads etc.

5. For high public debt, funds were given to Japanese industry university partnership for research purposes. 

6. The nation opposed the importing of foreign technology and products.

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