How Japan’s economy balances on both tradition and technology

10^th November 2020

The editorial unit

The editorial unit

10 November 2020

Considering Japan’s long history of Shinto philosophy and the importance it puts on balance and harmony, it’s no wonder that this country is so adept at finding the sweet spot between opposing economic concepts.

Competitiveness and cooperation

For instance, Japanese culture has a very healthy amount of cooperation and competition. While both brands and individuals work very hard in order defeat their opponents, they never lose sight of the collective goal of national and social development for the country. Thanks to this, they’ve also been pioneers of technology.

Technological innovation

The Japanese are masters of technology. This means that they’re ready to face anything regarding technology, which is definitely an advantage. They’ve done incredible things and helped the rest of the world as well. They’re known for their developments and for their products. It’s a high-tech country and technological advancements encompass every industry, even gaming.

Investment in health care and in education

Japan is led by the principles of liberal economics and aims for minimal government interference in the economy. However, there are exceptions. Since the Meiji Restoration, the country has invested a lot in health care and also in education.

Japan had one of the first public school structures and used it very well to produce brilliant graduates. The country combines private and public healthcare in order to ensure long and productive lives for its citizens.

Tradition is everything

Japan follows a rule of law, but there’s little need to enforce anything as citizens are taught the value of honesty at school, when they’re very young. Besides, this is a tradition that they learn from their family, from their parents and friends.

Also, this means there’s less corruption than in any other countries. Japanese individuals and also companies are often great at working together because they are more likely to trust each other. It’s not necessary to spend so much time on security measures, and consequently, more effort can be directed towards development, which is great news for business growth.

Stability is key

The tradition of trust also affects Japan’s relationships with the rest of the world. This is because one would be less likely to want to invest their millions on a country that is known to be corrupt. Nations who are notorious for confiscating property, changing regulations and being overthrown may not seem a reliable investment, while Japan is widely considered a safe place for one’s money.

Japan attracts plenty of investment from foreigners. The Yen (Japan’s currency) is strong and there’s a lot of capital inflow and easy credit, so Japan is able to innovate and develop its industries.

The editorial unit