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Between 1950 and the late 1960s Japan achieved a sustained expansion in industrial output which took her from the ranks of the low income countries to the position of second strongest economic power in the free world. Although a short, sharp setback followed the 1973 oil crisis, economic growth resumed in 1975, and by 1980 it was clear that Japan had adjusted more successfully to world recession than any other major industrial country.
Between 1950 and the late 1960s Japan achieved a sustained expansion in industrial output which took her from the ranks of the low income countries to the position of second strongest economic power in the free world. while a short, sharp setback followed the 1973 oil crisis, Economic growth resumed in 1975, and by 1980 it was clear that Japan had adjusted more successfully to world recession than any other major industrial country.