JAPAN AFTER FIRST OIL SHOCK

JAPAN AFTER FIRST OIL SHOCK - EVOLUTION OF JAPAN'S...

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EVOLUTION OF JAPAN’S POLITICAL SYSTEM AFTER FIRST “OIL SHOCK” (1973-74)
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The continuous years of steady economic growth in postwar Japan came to an unexpected end with the 1973 “oil shock” crisis. The October 1973 war in the Middle East led OPEC to announce a fourfold price hike. At the time Japan imported three-quarters of its energy needs; soon double digit inflation appeared and industrial production fell 20 percent. The high-growth era was over.
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The early 1970s was a watershed period in Japan. It marked not simply the end of the HGE, but also popular discontent with the policies of the HGE led to changes in voting behavior. The solid consensus favoring growth began to erode as more and more people realized the costs that growth exacted. Initially, the opposition parties seemed to benefit from this discontent , but eventually the LDP responded in ways that changed the political system and made its workings more complex.
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In the early 1970s the until then smoothly- working political system was challenged by
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This note was uploaded on 04/15/2008 for the course POLI 364 taught by Professor Connolly during the Spring '08 term at Gonzaga.

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JAPAN AFTER FIRST OIL SHOCK - EVOLUTION OF JAPAN'S...

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