Changes

Japan was devastated by [[World War II]].<ref>World War II wiped out many of the gains Japan had made since 1868. About 40 percent of the nation's industrial plants and infrastructure were destroyed, and production reverted to levels of about fifteen years earlier.[http://www.country-data.com/cgi-bin/query/r-7176.html Japan - Patterns of Development]</ref>

Yet Japan's economy recovered over the years 1950-1980 through a partnership between government and industry. The goal in 1950 was to become the world leader in textiles, which was achieved by 1959. The goal in 1960 was to become the world's top producer in steel by 1970, and the goal in 1970 was to become the world's leader in the production of automobiles. Each goal was achieved within one year of the target date.<ref>Source: Zig Ziglar's motivational talk on goal setting [http://www.nightingale.com/Offers/ziglar-goalsvideo.html?promo=intgooga660&org=intgooga660&gclid=CIPP8tG736QCFUpe7AodkGqbKw]</ref>

Now Japan's industrialized, free market economy is the second-largest in the world. Its economy is highly efficient and competitive in areas linked to international trade, but productivity is far lower in protected areas such as agriculture, distribution, and services. After achieving one of the highest economic growth rates in the world from the 1960s through the 1980s, the Japanese economy slowed dramatically in the early 1990s, when the "bubble economy" collapsed, marked by plummeting stock and real estate prices. Together with the impact of the worldwide [[recession of 2008]], Japan's status as a global economic power is slipping fast, with China poised to supplant Japan as the world' second-largest economy by 2010 or 2011.