ED+1970s-1980s

Economic Developments in Japan from 1970s to 1980s:

1970s:
 * Employment in secondary industries rose from 22% in 1950 to 35% in 1970
 * Economy, as measured by GNP, grew from about 9% per annum during the 1950s to 13% by early 1970s
 * Oil Shock of 1973 and the Nixon Shocks of 1971 were the major setbacks to Japan's economy between the 1970s and 1980s. In 1974, Japan experienced negative growth for the first time since WWII, but Japan recovered quickly

1980s:
 * Japan's economy continued to grow at about 4% during the early 1980s.
 * Japan tried to stimulate the domestic demand of its products by releasing cheap capital (e.g. low land prices, low-interest loans, etc.) in the 1980s.
 * Stock market prices became grossly inflated in the 1980s, and Japan became the second largest economy in the "Free World".
 * With the growth of the "Bubble Economy" in the 1980s, Japan also became the richest nation in the world...but in paper