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modernized when it has embraced modern and advanced technology. Economic development also depends on other countries. The modern theory of economic development was developed in the 1960’s to explain why some countries were more developed while others were not. For a country to become developed according to this theory, it must change its traditional attitudes, values as well as institutions. Achievement in the economic sense is achieved when people adopt attitudes and values that favor hard work, saving, efficiency and entrepreneurship which are only found in modern societies. This theory argues that a country remains underdeveloped for as long as it embraces traditional customs and culture which prohibit individual achievement and ensure that kin relations are upheld.

Japan is one of the countries that have been identified as a clear illustration of the modernization theory of economic development. Its economic development is thought to have emanated from it’s embracing a national work ethic where all people were committed to hard work. The history of Japan’s modernization dates back to the Meiji era. This is one of the most studied eras in Japanese history. The Meiji era began in 1868 after the coming into power of Mutsuhito taking over the mantle from his father Emperor Komei and introducing structural reforms aimed at modernizing Japan. The first step in this was the introduction of the Five Charter Oath. Core to this was the emphasis on education and technological advancement; “knowledge shall be sought throughout the world so as to strengthen the foundations of imperial rule.” (Jansen & Hall 1989: 495). During this period, the Japanese government initiated a program that would see hundreds of foreign experts from the western nations trooping to Japan to offer specialized training on various subjects ranging from English, engineering and the military amongst others. In the pursuit of the stipulation of the Fifth article in the Charter Oath, thousands of Japanese students benefiting from government subsidies were sent to America and also in Europe to experience firsthand the western oriented education. In addition to this, Japan would also embrace western economic practices that would aid in its transition to becoming the first industrialized country in Asia. It adopted the concept of market economy, this being a radical shift from the command economy that had placed all the key sectors of the economy on the hands of the government corporations. Other reforms ranged from the modernization of the banking sector, reforming of the tax regimes to the unification of the national currency. All these measures had an effect of creating a modern advanced economy that would in a few decades be amongst the most developed nations in the world. A critical look at Japan’s economic history reveals that whereas western concepts and technology were sought, the key factor behind this impetus was the working culture that was instilled by the Meiji rulers. Indeed, the government had spared no effort in enlightening the populace on the need to play an active role in building of the economy and rewarding private entrepreneurship with selective subsidies. (Jansen & Hall 1989: 458).

Modernization theory argues that poor nations can change their status by increasing their economic growth and adopting changes in as far as their beliefs, values and attitudes towards work are concerned. Walt Rostow’s theory of economic dev