E A Boehm identified two recessions in the 1970s, the first in 1974 and the second from August 1976 to October 1977. See “The Usefulness and Applications of Economic Indicator Analysis”, Institute for Applied Economic and Social Research Working Paper No. 9, 1989.
Further tapping global demand First, drastic globalization. Incidentally, while the export share in GDP is about 50 percent in Germany and Korea and about 30 percent in China, it remains at about 15 percent in Japan.