Middle Eastern Oil and the Japanese Economy
The Japanese economy grew at an unprecedented rate in the fifteen years after 1956, and is now the third most powerful economy in the world in total GNP, following the United States and Soviet Union. The average growth rate during this period was as high as 11 to 12%. This kind of rapid growth was possible due to enormous investment in plant and equipment, a large, diligent and highly skilled labor force, favorable export conditions, and the accumulation of capital while controlling inflation. One factor which we cannot neglect is the fact that Japan was able to secure abundant and inexpensive Middle Eastern oil as the basis for its rapid growth.
KeywordsEurope Petroleum Steam Shipping Shale
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