The Korean War lifted the Japanese economy out of its doldrums and paved the way for an era of unprecedented growth. The outbreak in 1950 of the Korean War ... sharply increased the demand for Japanese products. "Special procurement" expenditures by United Nations (mainly US) forces accounted for 47% of the value of all Japanese exports between 1950 and 1953.
p. 471, Creating Modern Capitalism
The Japanese automakers were rescued by the Korean War, which led the United States to place large orders for Japanese-made trucks. The very first exports by Toyota Motor Sales (TMS) were 1,000 trucks for the U.S. military in 1950. To companies on the brink of bankruptcy, the Korean war was "a gift from the gods," in Eiji Toyoda's words.
p. 417-419, Creating Modern Capitalism
How ironic...
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