One of mankind's oldest myths, long antedating Tchaikovsky's ballet or Grimm's fairy tales, is the legend of the sleeping beauty who is awakened back to life by the kiss of a prince charming. What we are not told is whether, after the princess is brought back to life, the couple really did live happily ever after.

Were there no quarrels? Did the wife come to outstrip the husband in earning power? What kept their balance of payments in equilibrium? The tale ends just when the real-world problems begin.

It is not too fanciful to think of 1945 Japan as the helpless sleeping beauty. The MacArthur occupation authority is cast in the role of the prince charming. In doing so, no prejudgment is being made about how the credit should be divided for bringing about the postwar Japanese miracle. After all, even in the folk story, it is possible that the princess was already awakening of her own accord and that the prince was merely a lucky passerby who happened to appear on the scene at the critical moment.

The takeoff of the Japanese economy after 1945 might even be considered a rerun of the sleeping beauty legend. The first would have to be Commodore Perry's opening up of Japan just prior to the Meijii Restoration. Admittedly, the 1950–75 takeoff does have to be regarded as something of a miracle. However, those who are familiar with Japan's progress from about 1860 to 1905 ought to have been somewhat prepared for the postwar spurt.