Average EU tariffs are actually roughly comparable to American ones. The only EU tariffs which are substantial as in 15% and over are on food stuffs to keep farmers happy. There are plenty of foreign goods in the EU from Bangladeshi and Vietnamese clothes to Chinese phones and Japanese cars.
I have an interesting question; the world, with the US heading the effort, seemingly propped up Japan, leading to a nation and economy that became a world powerhouse. They are an island nation, with little in farmable land, and few natural resources. What they do have is strategic importance to the military. We have tried nation building for decades in the Middle East, with nations that have little farmable land, and few natural resources. The only thing they have is strategic military importance. And yet, has the world worked as hard with these economies as it did with Japan? And if not, could this be the reason for such upheaval and the rise of terror groups? A comparison between the two diplomatic approaches would be an interesting topic, i think
The middle east has little farmable land but a lot of natural resources(in contrast to Japan): black gold aka oil, and most recently in Afghanistan a very large, rich, untouched reserve of minerals common and rare.
Japan was an industrial and scientific powerhouse, particularly in chemicals, steelmaking, refining shipbuilding, and light manufacturing prior to the war, although on a smaller scale than the U.S., Britain, Germany, and France because of their relatively late start and limited resources. After the war, the U.S. helped rebuild preexisting, but severely damaged industrial and scientific capacity. This industry was initially repurposed entirely for peaceful uses, with some being converted to military U.S. to supply the UN, U.S. and South Korean militaries during the Korean War at the behest of U.S. occupation authorities, which would later become the Japanese defense industry to supply the Japanese Self-Defense Forces, operating under constitutional constraints. As for agriculture, it's not nearly as bad as most people think, and is better than Iraq with 10.7 million arable acres and extensive fisheries. It is a middling power when it comes to food production. A big part of the reason japan imports so much is because it makes economic sense, not because they entirely lack capacity. The reason the same results weren't replicated in Iraq is a resources curse. The discovery of oil leads to the quick enrichment of those in power. Because wealth is simply piped out of the ground with the help of foreign companies, those in power have no need to invest in education, industry, science, infrastructure (beyond what is necessary for oil, military, and greasing the palms of political allies). The lack of investment impoverished the population and makes the country unattractive to industry, which causes the population to fall further behind. This means that the only way to get ahead in life is to either leave the country or seize power. The most talented usually leave, causing the population to fall further behind. Those who have to live with it, if they are not the benefitting in-group, have seizing power, and therefore the only means of gaining wealth as their only option to get ahead. To counter this, those in power must rule with an iron fist and transfer some of the wealth to those who will protect or at least cooperate with those in power. This leads to civil conflict, which makes the country more repellant to productive industry and means that losing power is a potential death sentence for those in power. Those in power will do anything to gain an edge, including go to war in attempt to seize additional wealth and engage in genocide of ethnic groups perceived to be supporting the nation those in power went to war with in an attempt to purge internal enemies. The wars act as an invitation for more powerful nations to intervene and install more stable leadership. When those in power are deposed, a power vacuum is created, and is a scramble to gain power, which leads to civil war, which further impoverished the country, and further reinforces the necessity of being the one to control the oil and use the wealth to protect oneself, further impoverishing the country. Iraq is basically a banana republic that exports oil instead of bananas.
... on the contrary, FDR engineered U.S. initiatives to succeed Theodore Roosevelt's "American Century" vision. SUCCESSFULLY! BULLY! How exquisitely expressed ☺
America essentially usurped colonial Britain's grip on the world and imposed a 'democratic' imperative through a United Nations construct that President Wilson might have imposed absent health issues. GOD IS MYSTERIOUS.
Wonderful video! But, there is one thing I want to challenge you on. It is the idea that Japanese people had a culture of high savings and low consumption. I think this is not really because of the culture, but the lack of easy access to credit compared to westerner consumers, the aging population, low wages compared to the output of the worker and the relatively new (at the time) social safety net. What do you think?
While I would agree, isn’t high savings rates just generally more common in east Asia regardless of access to credit? At least, compared to western nations? Genuinely asking If not then that would be a great point that is often overlooked in the debate of Japanese economic policy
@@willmarmol6533 Savings rates are generally high in countries where the workers get a smaller share of their output compared to their western peers. This was actually a big part of the Japanese development model. The government 'forced' workers to save by suppressing their wages (so they couldn't spend much) and that lead to increases in savings (in the hands of their employers) which were used by corporations for investments, which lead to increases in productivity. So, even though the workers got a smaller share of the pie, the quality of their lives improved since their productivity increased (thanks to the investments that came from their reduced wages).
I would say the low interest rates due to plaza would not have been bubble destructive if stocks and real estate were not interchangeable collateral for loans, like in the rest of g7
At 9:38 you state that "numerous spy rings within the federal government were exposed including high ranking members of the Roosevelt administration." Can you please quantity or give a reference for this? There were many attempts by the Soviets to recruit spies in the US and their were traitors like Alger Hiss but can you explain why you say "many"? Who are you talking about beyond the four or five traitors at the State Department? Thanks for the great videos that help me learn about this important sweeping historical events.
I have a video about this planned for the future, but there were at least five separate spy rings we know of. Obviously there was Hiss, along with Harry Dexter White, and the Rosenbergs. Congressman Samuel Dickstein, who was a founder of the committee that became HUAC, was a Soviet Agent as well. The OSS had numerous agents on the ground in China that were working for the Soviets, feeding the state department false reports about Chiang Kai Shek not going after the Japanese. And that's just the government. There was also Soviet infiltration of non-governmental entities such as the New York Times (Walter Duranty), and several Hollywood Studios. For the infiltration of the US federal government I recommend reading a pair of books by M. Stanton Evans; Blacklisted By History, and Stalin's Secret Agents.
Hi Casual Historian, I'm an economics student, where would you point me to to learn more about America's trade policy of accepting foreign tariffs in exchange for not trading with the communist world? Thanks!
Also worth noting that US prior to WW2 placed HEAVY tariffs on European goods, particularly with regard to the British Empire’s Market. While the U.K. did not reciprocate these under a pro free trade ideology.
What's with the difference in audio quality? Why not just use the same mic that you use for voiceover on the talking head sections? I wouldn't be weird to talk into a mic especially since you aren't moving around. It just kinda seems like a pointless cut into a bad audio talking section, when you could just keep doing voiceover...
Good video though man, I don't mean any disrespect, I actually like your videos, would just be good to have some better audio. Especially when I know you would be able to do it because you have the mic already...
Japan's government tried to spend their way to prosperity. Government debt spending is just a tax on the working class devaluing their labor. All prosperity and growth is built upon the prosperity and growth of the middle class, but that's complex and difficult to track so economists ignore it because economists throughout history are uniformly mentally lazy. Middle class disposable wealth is the muscle and sinew of an economy. Small businesses are the backbone of a strong economy. Unfortunately since the '80s there has been an emphasis on growing and protecting the wealthiest segments and largest businesses of society at the expense of small businesses and the middle class. Efficiency of profit generation and large numeric transactions are prized over volume of transactions. A lone million dollar transaction that profits a few people a large percent is valued over a million single dollar transactions that profit many by a small percent. An efficient economy is a starving economy. Wealth becomes concentrated, opportunities become restricted, innovation implodes, prosperity ends. Japan got there first but everyone else has adopted the same failed model.
Nonsense all prosperity is caused by increases in productivity and the middle class are nothing but beneficiaries of it. The only reason government deficits are useless is because its spent on people, had it being spent on research and development with the purpose of increasing productivity it would've been far more valuable than the livelihoods of the middle class.
Wow... contempt for other content creators in the first few seconds. Lightweight. I was watching the ProjectMAD series, but will take a hard pass on this one.
The definition of capitalism according to Oxford English an dictionary "economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." Yes that fits the definition, capitalism is quite a broad concept, yes it is quite different form regular modern Western capitalism or free market capitalism,.
@@mikeoxsmal8022 Oh excuse me. I didn't realize that an "economic and political system in which a country's trade and industry are controlled by private owners for profit, RATHER THAN BY THE STATE," would apply to something with STATE MONOPOLY in the name. You know, considering how stupid that would be.
@@mikeoxsmal8022 Monopolies that are created BY THE STATE. Doesn't matter if they are "Privately owned." The state created them (at least if we're talking about stamocap in general, and not just in Japan's case). I'm just gonna tell you now that we may as well stop here because I'm one of those guys that believes "free market capitalism" is the only real capitalism, and everything else that isn't explicitly socialism is just a mixed economy. If we keep this going, we're not going to get anywhere. But feel free to make your closing statement.
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19:42 - The Island labelled Hong Kong is actually the Hainan island, Hong Kong is slightly further east
"Success in this industry demands engineers who have the courage and the decisiveness to implement ideas"
- Kiichiro Toyoda
Of all miracles this might be the nerdiest
This video seems FANTASTIC, one of best and most instructive economics and history videos ive seen, i LOVED the use of old footage.
Average EU tariffs are actually roughly comparable to American ones. The only EU tariffs which are substantial as in 15% and over are on food stuffs to keep farmers happy.
There are plenty of foreign goods in the EU from Bangladeshi and Vietnamese clothes to Chinese phones and Japanese cars.
But that ignores the European VAT used on foreign goods, that European producers get a rebate for.
It's always interesting to think about what would happend if Russia won the Russo-Japanese war. No Russian Revolution, no Japan in WW1, etc.
Thanks to Jacob Schiff
This is fantastic! I'd love for you to do more videos on economic history.
Which TH-camr is that?
The cold war?
Beta Austrian/Chicago school economics vs Chad Keynsian economics
@@novatheredwitch1573 Economics Explained.
@@Welleher oh yeah, that channel. I had... Different views of their videos.
It's always interesting to consider how the Cold War affected more than just the U.S. and the U.S.S.R.!
I suppose you may have done that for the purpose of legibility, but 19:40 marking of Hainan as Hong Kong can be misleading
what a big Hong Kong
20:26 AAAAA SO PRETTYYY!!!!! I love how they shine
I still like physical media. It’s just nice to have the physical object in your hand
Love your editing and use of full color stock footage from the era.
I never thought I see the day when the Casual Historian and the Trash Taste podcast were in the same space.
20:40 and 20:45 Ooohh a man of culture, i see...
The US gave Japan a lot of help after the war, most importantly in getting Japan's economy going again on a peacetime basis.
I don’t know why, but the newsreel of the bombings’ narrator made me think of the great Phil Hartman
Great video. That last part, if we were to insert China instead of Japan seems to hold up as a news analysis.
Thanks for this informative video. It would be great if you could add source, year and persons speaking to the used video footage in the future.
The Japanese GDP PER CAPITA hasn't increased since the 1995
So?
@@oongieboongie that bad
Yet despite the lost 30 years the economy is the 3rd biggest in the world
Whistles
Well easy come
Easy go
miracles are like lightning in a bottle and economically speaking Japan is significantly stagnant
I have an interesting question; the world, with the US heading the effort, seemingly propped up Japan, leading to a nation and economy that became a world powerhouse. They are an island nation, with little in farmable land, and few natural resources. What they do have is strategic importance to the military.
We have tried nation building for decades in the Middle East, with nations that have little farmable land, and few natural resources. The only thing they have is strategic military importance. And yet, has the world worked as hard with these economies as it did with Japan? And if not, could this be the reason for such upheaval and the rise of terror groups? A comparison between the two diplomatic approaches would be an interesting topic, i think
The middle east has little farmable land but a lot of natural resources(in contrast to Japan): black gold aka oil, and most recently in Afghanistan a very large, rich, untouched reserve of minerals common and rare.
Japan was an industrial and scientific powerhouse, particularly in chemicals, steelmaking, refining shipbuilding, and light manufacturing prior to the war, although on a smaller scale than the U.S., Britain, Germany, and France because of their relatively late start and limited resources. After the war, the U.S. helped rebuild preexisting, but severely damaged industrial and scientific capacity. This industry was initially repurposed entirely for peaceful uses, with some being converted to military U.S. to supply the UN, U.S. and South Korean militaries during the Korean War at the behest of U.S. occupation authorities, which would later become the Japanese defense industry to supply the Japanese Self-Defense Forces, operating under constitutional constraints. As for agriculture, it's not nearly as bad as most people think, and is better than Iraq with 10.7 million arable acres and extensive fisheries. It is a middling power when it comes to food production. A big part of the reason japan imports so much is because it makes economic sense, not because they entirely lack capacity.
The reason the same results weren't replicated in Iraq is a resources curse. The discovery of oil leads to the quick enrichment of those in power. Because wealth is simply piped out of the ground with the help of foreign companies, those in power have no need to invest in education, industry, science, infrastructure (beyond what is necessary for oil, military, and greasing the palms of political allies). The lack of investment impoverished the population and makes the country unattractive to industry, which causes the population to fall further behind. This means that the only way to get ahead in life is to either leave the country or seize power. The most talented usually leave, causing the population to fall further behind. Those who have to live with it, if they are not the benefitting in-group, have seizing power, and therefore the only means of gaining wealth as their only option to get ahead. To counter this, those in power must rule with an iron fist and transfer some of the wealth to those who will protect or at least cooperate with those in power. This leads to civil conflict, which makes the country more repellant to productive industry and means that losing power is a potential death sentence for those in power. Those in power will do anything to gain an edge, including go to war in attempt to seize additional wealth and engage in genocide of ethnic groups perceived to be supporting the nation those in power went to war with in an attempt to purge internal enemies. The wars act as an invitation for more powerful nations to intervene and install more stable leadership. When those in power are deposed, a power vacuum is created, and is a scramble to gain power, which leads to civil war, which further impoverished the country, and further reinforces the necessity of being the one to control the oil and use the wealth to protect oneself, further impoverishing the country. Iraq is basically a banana republic that exports oil instead of bananas.
WWII was a logical manifestation of "Manifest Destiny". GO WEST YOUNG MAN
Economic models were otherwise bankrupt. FDR was not a traitor to his class...
... on the contrary, FDR engineered U.S. initiatives to succeed Theodore Roosevelt's "American Century" vision. SUCCESSFULLY!
BULLY! How exquisitely expressed ☺
America essentially usurped colonial Britain's grip on the world and imposed a 'democratic' imperative through a United Nations construct that President Wilson might have imposed absent health issues. GOD IS MYSTERIOUS.
Why is the on-camera audio sounding a bit muffled? Was it copyrighted background music?
Wonderful video! But, there is one thing I want to challenge you on. It is the idea that Japanese people had a culture of high savings and low consumption. I think this is not really because of the culture, but the lack of easy access to credit compared to westerner consumers, the aging population, low wages compared to the output of the worker and the relatively new (at the time) social safety net. What do you think?
While I would agree, isn’t high savings rates just generally more common in east Asia regardless of access to credit? At least, compared to western nations? Genuinely asking
If not then that would be a great point that is often overlooked in the debate of Japanese economic policy
@@willmarmol6533 Savings rates are generally high in countries where the workers get a smaller share of their output compared to their western peers.
This was actually a big part of the Japanese development model. The government 'forced' workers to save by suppressing their wages (so they couldn't spend much) and that lead to increases in savings (in the hands of their employers) which were used by corporations for investments, which lead to increases in productivity. So, even though the workers got a smaller share of the pie, the quality of their lives improved since their productivity increased (thanks to the investments that came from their reduced wages).
I would say the low interest rates due to plaza would not have been bubble destructive if stocks and real estate were not interchangeable collateral for loans, like in the rest of g7
My dad a WWII US Navy Combat Vet
He said The Japanese ( he didn’t call em Japanese) traded in there uniforms for suits. And kicked our asses
Where did you get the video footage from?
Really enjoyed the informative video. Dont wanna rag on you but the editing breh it will make the normie like you more. Lol
At 9:38 you state that "numerous spy rings within the federal government were exposed including high ranking members of the Roosevelt administration." Can you please quantity or give a reference for this? There were many attempts by the Soviets to recruit spies in the US and their were traitors like Alger Hiss but can you explain why you say "many"? Who are you talking about beyond the four or five traitors at the State Department? Thanks for the great videos that help me learn about this important sweeping historical events.
I have a video about this planned for the future, but there were at least five separate spy rings we know of. Obviously there was Hiss, along with Harry Dexter White, and the Rosenbergs. Congressman Samuel Dickstein, who was a founder of the committee that became HUAC, was a Soviet Agent as well. The OSS had numerous agents on the ground in China that were working for the Soviets, feeding the state department false reports about Chiang Kai Shek not going after the Japanese. And that's just the government. There was also Soviet infiltration of non-governmental entities such as the New York Times (Walter Duranty), and several Hollywood Studios.
For the infiltration of the US federal government I recommend reading a pair of books by M. Stanton Evans; Blacklisted By History, and Stalin's Secret Agents.
@@CasualHistorian reminds me of the chambridge spies
@@CasualHistorian Thank you so much. You are really a scholar and a gentleman!
The United States didn't even see this coming😮😮😢
Hi Casual Historian, I'm an economics student, where would you point me to to learn more about America's trade policy of accepting foreign tariffs in exchange for not trading with the communist world? Thanks!
I found that detail in "America and the Japanese Miracle" by Aaron Forsberg
13:30 The US and EU both have tariffs in place vs the other, and do both have higher tariffs for specific goods. I call that point bogus.
Also worth noting that US prior to WW2 placed HEAVY tariffs on European goods, particularly with regard to the British Empire’s Market. While the U.K. did not reciprocate these under a pro free trade ideology.
19:42 that's not Hong Kong
19:43 that's not Hong Kong lol that's Hainan
15:33 that doesn't sound like Keynesian policy. Great video.
Care to elaborate? Cutting taxes and investing in industries seems like proper actions in counter-cyclical fiscal policy.
You should get a better microphone
Respectfully Agreed.
3:00
What's with the difference in audio quality? Why not just use the same mic that you use for voiceover on the talking head sections? I wouldn't be weird to talk into a mic especially since you aren't moving around. It just kinda seems like a pointless cut into a bad audio talking section, when you could just keep doing voiceover...
Good video though man, I don't mean any disrespect, I actually like your videos, would just be good to have some better audio. Especially when I know you would be able to do it because you have the mic already...
Did the same guy narrate everything in the 40s and 50s or is it just me
Japan's government tried to spend their way to prosperity. Government debt spending is just a tax on the working class devaluing their labor. All prosperity and growth is built upon the prosperity and growth of the middle class, but that's complex and difficult to track so economists ignore it because economists throughout history are uniformly mentally lazy. Middle class disposable wealth is the muscle and sinew of an economy. Small businesses are the backbone of a strong economy. Unfortunately since the '80s there has been an emphasis on growing and protecting the wealthiest segments and largest businesses of society at the expense of small businesses and the middle class. Efficiency of profit generation and large numeric transactions are prized over volume of transactions. A lone million dollar transaction that profits a few people a large percent is valued over a million single dollar transactions that profit many by a small percent. An efficient economy is a starving economy. Wealth becomes concentrated, opportunities become restricted, innovation implodes, prosperity ends. Japan got there first but everyone else has adopted the same failed model.
Nonsense all prosperity is caused by increases in productivity and the middle class are nothing but beneficiaries of it. The only reason government deficits are useless is because its spent on people, had it being spent on research and development with the purpose of increasing productivity it would've been far more valuable than the livelihoods of the middle class.
Sorry sir but your mic in parts is subpar to the 40s narrations
Let me take a wild guess, this video has been demonetized.
5:23 "State monopoly capitalism". Isn't that socialism? Also, the Zaibatsu description given sounds like a mix of both cartel & oligarchy.
State capitalism is where the government is operating industry for profit. It controls the production, not the means of production.
No that is not Socialism ,these things have definition, stop calling things you don't like Socialism
@@Zero_Contradictions bro thats not socialism either, its Reaganomics.
@@mikeoxsmal8022 China is doing that right now? So are they lying about being communist? Are they western now?
Industrialization happened in Japan long before WW2 ...
Let me guess. Crazy amounts of usa money.
Miracle? 🤣🤣🤣
Hong Kong in wrong place 🤪
Wow... contempt for other content creators in the first few seconds.
Lightweight.
I was watching the ProjectMAD series, but will take a hard pass on this one.
"State Monopoly Capitalism".
In other words: not capitalism in the slightest.
The definition of capitalism according to Oxford English an dictionary "economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." Yes that fits the definition, capitalism is quite a broad concept, yes it is quite different form regular modern Western capitalism or free market capitalism,.
@@mikeoxsmal8022 Oh excuse me. I didn't realize that an "economic and political system in which a country's trade and industry are controlled by private owners for profit, RATHER THAN BY THE STATE," would apply to something with STATE MONOPOLY in the name. You know, considering how stupid that would be.
@@Mandrak0s Ahm these monopolies are private corporations controlled by private companies not the state
@@mikeoxsmal8022 Monopolies that are created BY THE STATE. Doesn't matter if they are "Privately owned." The state created them (at least if we're talking about stamocap in general, and not just in Japan's case).
I'm just gonna tell you now that we may as well stop here because I'm one of those guys that believes "free market capitalism" is the only real capitalism, and everything else that isn't explicitly socialism is just a mixed economy. If we keep this going, we're not going to get anywhere.
But feel free to make your closing statement.
@@Mandrak0s but economics isn’t a “belief” subject. You can have opinions on which systems are better but the systems themselves are not subjective.