You only need look at the development trajectories of East Asian nations to see that Japan’s spectacular economic success after World War II was a source of significant hope for the other countries in the region. The “flying geese model,” first described by Hitotsubashi University’s Akamatsu Kaname in 1935 to explain the process of Japanese-modelled economic development, provided inspiration to the other countries in the region. The rapid growth of the Japanese economy after World War II was the result of not only market mechanisms but also government initiatives to foster key industries through economic and ... (full story)