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16 no 2 flicts tsuru 195819 yet the next 20 years saw

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Unformatted text preview: rought with it a slow-down in activity and there were widespread fears at the time that the economy would, at best, return to its longerterm 3–3½ per cent growth path. In particular, it was felt that forgoing the use of war in the new constitution had eliminated the single most important stimulus to economic growth, given that most of Japan’s expansion from the 1868 Meiji Restoration onwards had directly or indirectly been linked to imperialist conquest and military con- 15 OXFORD REVIEW OF ECONOMIC POLICY, VOL. 16, NO. 2 flicts (Tsuru, 1958).19 Yet, the next 20 years saw one of the most rapid economic expansions ever witnessed. A not dissimilar lack of confidence permeated the economy in the mid-1970s. The rapid exhaustion of permissive conditions on the supply side (e.g. abundant domestic labour or cheap American technology) coincided, at the time, with the explosion in oil prices which seemed to signal the end of Japan’s earlier heavy-industry-led growth path. For the first time since the war, GDP declined in 1974, while inf...
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