economic miracle

The informal name given to Japan's period of record economic growth from the post-war period to about 1970. In 1946, Japan faced economic ruin; post-war inflation, unemployment and shortages in all areas seemed overwhelming. SCAP officials therefore made economic development a priority. After the Occupation, the Japanese government continued to prioritize economic development by coordinating and boosting industrial productivity, promoting the importation of technology, and relaxing anti-monopoly laws, all of which resulted in a period of heavy industrialization. The policies succeeded, and by the late 1960s Japan had risen from the ashes of World War II to achieve an astoundingly rapid and complete economic recovery. The term "economic miracle" is normally used to describe the remarkable attainments in manufacturing and trade that Japan achieved during this period. (from Wikipedia)