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19 Japan and Newly Industrialized Countries of East Asia

19 Japan and Newly Industrialized Countries of East Asia -...

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Japan and Newly Industrialized Countries of East Asia 1. The “Law of Comparative Advantage” and Economic Development a. Trade is mutually profitable even if one country is more productive than another b. The country w/ the lowest opportunity cost of producing a particular good should specialize in producing that good c. Factors of Production i. Labor ii. Capital iii. Raw Materials iv. Technical “Know How” 2. The Japanese Economic Miracle a. Pretext: 1) suffer huge causality 2) occupied by US forces 3) reduced to rubbles b. Low labor costs= cheap goods (E.g. automobile) c. Japanese Shipbuilding: a capital intensive endeavor. Once large amounts of capital were secured, the shipbuilding industry played an important role in supporting Jap econ activities through provision of merchant ships d. Technology intensive products result of skillful “know how-s” e. 1970s – 2 nd most productive economy in the world 3. Trade Conflicts with the West a.
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