Damon Mcknight
Australia and Japan are both considered developed countries. Developed countries are sovereign states that have a high quality of life, a developed economy, and advanced technological infrastructure relative to less industrialized nations. Australia and Japan are among the top countries in terms of the Human Development Index (HDI), which measures life expectancy, educational attainment, and per capita income. Both countries have widespread industrialization, strong economies, and advanced industries. Australia provides quality healthcare for the majority of its citizens, while Japan has an advanced technology and education system, with high life expectancy and income levels.
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What You'll Learn
Japan's economic growth and development
However, it was after the Meiji Restoration in 1868 that Japan underwent a significant transformation, becoming the first non-European modern world power. The Meiji government implemented a "Rich State and Strong Army Policy", which included economic reforms such as the development of a new Western-based education system, the sending of students to Europe and the US, and the hiring of Westerners to teach modern science, mathematics, technology and foreign languages in Japan. The government also invested in infrastructure, developing an extensive railway network and improving roads, as well as implementing a land reform program.
After World War II, Japan's economy grew extraordinarily quickly for several decades, driven by the unprecedented expansion of industrial production and the development of a large domestic market. Japan also pursued an aggressive export trade policy due to its lack of natural resources, particularly fossil fuels and minerals, and limited arable land. The manufacturing sector, in particular, experienced rapid growth in quantitative and qualitative terms, with Japan becoming one of the world's largest producers of motor vehicles, steel, and high-technology manufactured goods, including consumer electronics.
By the 1980s, Japan's standard of living had increased significantly, becoming comparable to other developed nations. In 1988, Japan became the second-largest economy in the world, and on a per capita basis, it was the highest-income country among the G7 in the 1980s and 1990s. However, in the early 1990s, Japan entered a prolonged period of economic stagnation, now known as the "Lost Decades". This period was characterised by deflation, low or negative growth, and a decline in Japan's share of the world's nominal GDP.
Despite the challenges of the Lost Decades, Japan's economy began to recover in the late 2000s, with GDP growth of 2.8% in 2005. Domestic consumption became the dominant factor in growth, and Japan continued to develop its highly diversified manufacturing and service sectors. However, Japan continues to face economic challenges, including high inflation, a tight labour market, an ageing and declining population, and trade barriers in the United States. Nevertheless, Japan's economy remains the fourth-largest in the world, and with a strong domestic market, the country has reduced its dependence on trade.
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Australia's large economy
Australia is considered a developed country, with a highly efficient and strong social security system. As of 2023, it was the 14th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia also took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter—it was the 103rd quarter and the 26th year since the country had a technical recession.
Australia's economy is closely intertwined with the countries of East and Southeast Asia, also known as ASEAN Plus Three (APT), which accounted for about 64% of exports in 2016. The Australian Securities Exchange in Sydney is the 16th-largest stock exchange in the world in terms of domestic market capitalization and has one of the largest interest rate derivatives markets in the Asia-Pacific region. The Australian dollar is also shared with several Pacific nation states.
Some of Australia's largest companies include Commonwealth Bank, BHP, CSL, Westpac, NAB, ANZ, Fortescue, Wesfarmers, Macquarie Group, Woolworths Group, Rio Tinto, Telstra, Woodside Energy, and Transurban. In the financial year 2017-18, tourism represented 3.1% of Australia's GDP, contributing $57.2 billion to the national economy. The country's largest takeover or merger transaction took place in 2007 when Wesfarmers took over the Coles Group for a total of A$22 billion.
Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable. It did not experience a recession from 1991 until 2020. Among OECD members, Australia's social security system comprises roughly 25% of its GDP.
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Japan's innovative industries
Japan is a developed country with a remarkable innovation landscape that blends heritage with modernity. The country has a strong international standing, with various industries at the forefront of global innovation. Here is a closer look at some of Japan's innovative industries:
Automotive and Electronics Sectors
Industry leaders like Toyota, Panasonic, and Sony have been shaping global markets for decades and continue to push boundaries. Panasonic, for example, has diversified into automotive equipment with subsidiaries like Panasonic Automotive Systems and Panasonic Energy Co. Ltd., showcasing their commitment to technological advancement and innovation.
Semiconductors, Fintech, and Green Energy
Japan is a global leader in technology and intellectual property, with both established companies and emerging startups contributing to a thriving ecosystem. Startups like PayPay are leading the charge in fintech innovations, while Prime Planet Energy & Solutions, founded in 2020, is making strides in automotive battery manufacturing with a focus on green technologies and energy storage solutions.
Life Sciences and Biotech
Japan's high-growth life sciences and biotech industry is overcoming obstacles in microbiome research through parallel whole-genome sequencing. Startups in this sector are paving the way for breakthroughs in synthetic biology, with potential applications in production efficiency, waste reduction, and decarbonization. This focus on enzyme discovery and optimization equips businesses with tools to combat climate change.
Academic Powerhouses
Japanese universities play a crucial role in driving innovation. Academic institutions are not just centres of learning but key drivers of the country's patent landscape. The Tokai National Higher Education & Research System, despite being relatively new, has already filed 192 patents, showcasing the increasing collaboration between research institutions and industries.
Japan's ability to balance tradition with innovation and its dynamic interplay between established firms and emerging startups ensure its status as a global leader in various sectors. The country's modern infrastructure, technological expertise, and highly educated workforce create a hotspot for innovation with the potential to positively impact the global quality of life.
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Australia's democratic political system
Australia is a constitutional monarchy with a democratic political system. The country's constitution, which was established in 1901, sets out a system of government that includes the parliament, executive government, and judiciary system. The constitution also separates power between the federal government and the states.
The Australian political system has been described as more ideologically driven than other similar countries, such as the United States and Canada. The two main parties in Australia are the Labor Party, which is centre-left and social democratic, and the Liberal Party, which is centre-right and represents Australian conservatism and liberalism.
Australia's democracy is supported by key features such as freedom of speech, fair elections, inclusion, and the rule of law. Citizens have a voice and can make changes in society through various means, including joining a political party or community group, and contacting members of parliament. Federal elections are held approximately every three years, and voting is compulsory for all citizens over the age of 18.
The Australian Parliament has the power to make laws about national matters such as defence, immigration, trade, and foreign affairs. The parliament is made up of two chambers: the House of Representatives and the Senate. Members of Parliament (MPs) and Senators are elected by citizens to represent their interests in these chambers.
The executive branch, which includes the Prime Minister and their cabinet, is responsible for putting laws into action. The judiciary branch, represented by the High Court, has the power to make judgments on the law and determine whether a law is constitutional or not.
Australia's system of government combines elements from the political systems of the United Kingdom and the United States, along with distinctive local features. It is characterised as a "Washminster mutation".
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Japan's population decline
Japan is a developed country with a high quality of life, a developed economy, and advanced technological infrastructure. It is the third wealthiest nation on Earth in terms of overall GDP. However, Japan has been facing a significant population decline in recent years, with a record drop in its citizen population to 120.3 million as of October 2024. This marks a decrease of 898,000 people from the previous year, the largest fall since the government began collecting comparable data in 1950. Including foreign nationals, the population fell by 550,000 people to 123.8 million. This decline has occurred for 14 consecutive years, with only two prefectures, Tokyo and Saitama, experiencing population increases.
Japan's birth rate is among the lowest in the world, presenting challenges for society and business. The declining birthrate is attributed to economic constraints, with many young people feeling unable to have children due to financial difficulties. The Japanese government has implemented measures to address this issue, including raising wages for young people and providing assistance with childcare. However, these efforts have not yet resulted in a significant increase in the birth rate.
The population decline in Japan has far-reaching implications. A shrinking workforce and a decrease in consumers impact the country's economic growth and development. Additionally, there is a growing proportion of aging individuals, with small rural communities having a predominantly elderly population. This demographic shift has led to unique challenges and concerns for the future.
To mitigate the effects of the declining birth rate and population aging, Japan has turned to young foreigners as a source of labor. However, the country retains a strict immigration policy, only admitting foreign workers on a temporary basis. The government's approach to addressing the population decline, including its stance on immigration, will be crucial in shaping Japan's demographic landscape in the coming years.
The population decline in Japan is a complex issue with economic, social, and cultural implications. It is a pressing concern for the country, and the government's efforts to tackle it will have a significant impact on Japan's future trajectory. The next 10-15 years are predicted to be particularly challenging, with the effects of the declining birth rate and aging population becoming more pronounced.
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Frequently asked questions
Yes, Australia is a developed country. It has a large economy, with a GDP of 1.55 trillion USD, making it the 14th largest economy in the world. It also has a high human development index, with Australians having a high quality of life and being some of the wealthiest people in the world.
There are at least three criteria: a low population growth rate, a high GDP, and a high human development index. A country with a high population growth rate is still developing, as this is caused by a low quality of education and a lack of birth control.
Australia has a democratic and accountable political system, allowing for sound political and economic choices to be made. It also has good infrastructure throughout the country, including in rural and remote areas. Additionally, Australia has a service-based economy, with successful businesses, which has allowed the country's economy to grow quickly.
Yes, Japan is a highly developed country with a mixed economy. It has the world's fourth-largest consumer market and was the second-largest economy in the world in 1988. Japan is also considered one of the most innovative countries globally, leading in global patent filings.
Japan has an ageing and declining population, which poses challenges to its economy. It also has significantly higher public debt than other developed nations, at approximately 260% of GDP as of 2021.
