Being known to be bright, keen and energetic, the young man received neither training nor education from the managers of this branch of the major banking institution. Instead, they directed him to the “Waste Department” of the branch and advised him to “work hard”.
Japan reached the Lewisian Turning Point in the 1960s, but then marked the “Izanagi” boom years from the mid1960s to the early 1970s, growing by more than 10 percent year-on-year. The “Four Tigers” have also continued on a growth path after escaping from the middle-income trap. In these economies, there were many factors at play.