Question

Start your answer by selecting one of the options – “True”, “False” or “Uncertain” and then provide arguments to justify your selection (be brief and concise and present your arguments in 100 or less words). You need to ensure your assumptions are clear, reasonable and explicit if making any.

On an average, real GDP per capita has grown at a much slower rate in USA than in Japan after the second world war. This is because of much lower levels of GDP per capita in USA than in Japan around the second world war time.

Answer

Answer 1

World War II abruptly reversed the japanese economy.Indeed interms of per capita GDP the war sent the modern japanese economy back to square on erasing virtually all the gains it had made since the end of the nineteenth century.The above statement is true because United states GDP grew more slowly after the war.The devastated Japanese economy rose quickly from the ashes of World War II.Backwardness of the Japaneses economy relative to the worlds advanced industrial economies.Because it was coming from behind,it was able to benefit greatly from technology imported from more advanced countries-technology here includes not only techical know -how relating directly to manufacturing but also social and economic systems and institutions.America grew more slowly after the war mainly because they were already immensely rich and had suffered relatively little.The Japan grew more rapidly,mainly because they had been relatively poor to begin with and also had to make up substantial wartime losses.