The Meiji Restoration’s reforms were pivotal in transforming Japan into a competitive industrialized state, albeit at the cost of rising militarism in the early twentieth century. Japan’s economic challenges, from post–World War I to the Great Depression, eventually led to its participation in World War II. After Japan’s defeat in 1945, the nation’s political and economic systems underwent further restructuring, guided by democratic principles under the new Constitution of Japan. The reforms in agrarian and industrial sectors, notably the dissolution of zaibatsu and the implementation of the priority production system, played crucial roles in Japan’s postwar recovery. These policy experiments in restoring market mechanisms and expanding production capacity heavily contributed to the Japanese postwar economic growth and industrial modernization. While scientific and technological advancements have fueled economic expansion, they have also contributed to widening societal disparities, creating tensions across nations and social strata. The chapter calls for a rethinking of the balance between growth, wealth distribution, and societal well-being, advocating for a new paradigm that harmonizes science, technology, and equitable progress. Through an analysis of Japan’s post–World War II economic trajectory, this chapter examines how science and technology influenced its recovery and eventual stagnation in the twenty-first century. The chapter aims to empirically investigate the interrelationship between technological evolution and economic growth, assessing its dual role as both a driver and outcome of development. Finally, it offers recommendations for future science and technology policies, industrial strategies, and the need for a new scientific philosophy to achieve sustainable, balanced societal advancement.