Latin America Lecture and One World Divisible
Latin America Lecture and One World Divisible HST 296
Popular in History after 1945
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Popular in History
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This 15 page Class Notes was uploaded by meghan Hamilton on Thursday October 6, 2016. The Class Notes belongs to HST 296 at Miami University taught by ErikJensen in Fall 2016. Since its upload, it has received 8 views. For similar materials see History after 1945 in History at Miami University.
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Date Created: 10/06/16
The Japanese Miracle ● Rapid migration from countryside to cities ● Labor shift from smallscale agriculture to commercial agriculture, industry and services ● Educational enrollments skyrocketed ○ Helped push the age of marriage and thus push down fertility ● Industrialization happened within two decades in Japan ● Society became urban, welleducated society with low birth and death rates ● Heavy manufacturing and large corporations lead to industrialization in Japan ● Japan increased food production and shifted labor into industry ○ Became selfsufficient in grain for human consumption ○ Farming was parttime work for women and older men ● By 1960’s Japan became a consumer society ○ 78% had washing machines ○ 95% of nonfarm households had T.V. Japan also modernized it’s national style ● Became acceptable to start married life in different households ● By 1985 women formed about 39% of Japan’s workforce ○ Eventually rose to 70%, this lead to the demise of family farms and businesses ● Increase in opportunity for female education and employment ● One Japanese women were married, they were more likely to stay at home ● Their prime duties were motherhood and childbirth ○ Wanted a child to pass the entrance exams and go to a great university ● American connection was vital for Japan’s highgrowth era ○ American imposed land reform was a prerequisite for Japan’s agricultural revolution ● Until the mid 80’s Japan was spending less than 1% of their GDP on defense ○ “Free ride defense” from the U.S. allowed Japan to concentrate on economic development ○ Under Evaluation gave Japan huge price advantage in export markets ● In 1972: Japan relied on oil for ¾ of it’s energy ○ Almost all oil imported ● Lowcost methods of high growth ○ Japan’s labor force worked longer hours for lower wages ○ Lived in smaller houses Major extension of Japan’s welfare law in 1973 ● Oldage pensions were increased ● Government spending on social security rose 5% Quality of life ● 2 robberies per every 100,000 ● Homicide rate was 1.5 per 100,000 “Slower growth, plus increases in public expenditure and government deficit, all suggested in the 1970s that the miracle was over and Japan was becoming a “normal country”” Japan targeted hightech industries to develop “knowledgeintensive” industrial structure for the future ● Realized that they had been undercut on shipping and TVs by the lower cost economies of developing neighbors Savings rates were high ● Couples saved for their child’s higher education ● Also had to save to cover the huge costs of housing and to offset the skimpiness of social security Japan emerged as a major financial and industrial power in the 1980’s ● Japan became a major investor in U.S. capital markets ● By 1985 Japan was the world’s leading creditor nation ● At this time Japan’s GDP was only second to that of the United States West and Stagflation ● 1970’s slowdown ○ Structural changes because the world economy was now controlled by individual nationstates ● spread multinational corporations posed a serious threat to national control ● International finance ○ By 1958 North America and Western Europe had achieved full currency convertibility ○ Unexpected consequence was rapid growth of the Eurocurrency market ○ Banks expanded foreign operations and opened oversea branches ■ By 1970 the total pool of Eurodollar deposits was $57 billion ○ U.S. dollar convertible on demand in gold ○ By 1970 U.S. held under 16% of international reserves and its exports had fallen ○ In the late 1960’s the dollar and pound were overvalued compared with the current trading position of the two countries ○ U.S. and Britain sought to maintain their international credibility by avoiding devaluation ● The vietnam war accelerated inflation ● European Monetary System ○ Established the exchange rate mechanism ○ Member states contributed 20% of their reserves to a stabilization fund ● 1970’s were the heyday of the labor movement in Western Europe ○ Unions capitalized during this time ○ Growth of publicsector employment through nationalization and the welfare state ● In 1980 about half employed workers in Italy and Britain were unionized ● Since the end of the Korean War, commodity prices had been low and stable ● Oil crisis also brought changes in the Western and world economies that brought the oil boom to an end ○ OPEC became extremely powerful and held 12% of the world’s reserves Stagflation: mix of stagnant growth and soaring inflation that afflicted most developed economies ● Combination of wage rises, higher commodity prices and expansion in money supply fueled inflation and squeezed profits ● Governments imposed deflationary measures, but unlike the 1930’s unions and workers would not accept wage cuts, they pressed even harder for pay raises to offset inflation ● Government's sustained welfare programs ● The aim was to squeeze inflation out of the system with minimum pain ● Stagflation was most evident in Western and northern Europe Second oil shock ● Drove up prices and wages which prompted further deflation ● In developed countries during this time the inflation rate was 9.7% U.S. in the 1970’s ● 7% unemployment ● Inflation below 8% ● Growth was steady ● Had enough of it’s own supplies to supply ⅔ the domestic need and these goods were priced below level ● Dollar’s value drastically fell, but this allowed U.S. to undercut foreign exporters and sustain production ● The dollar remained the prime reserve of currency West Germany in 1970’s ● Kept inflation under 5% ● 3.4% of unemployment ● Sustained a 2% growth ● Relied heavily on imported oil Italy was in the worst position. It had no oil, gas or even coal ● Had high rates of unionization ● Decentralized wage bargaining ● Inflation was 17.6%
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