The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan
This chapter shows that determining the proper role of bureaucracy in a market economy is a problem which should not be solved by simply applying universally the tools of neo-classical economic analysis. It demonstrates that meaningful proposals require an in-depth analysis of the institutional framework of the country under review. A new institutional economics approach is helpful in identifying the crucial issues of regulatory reform. In the case of Japan, regulatory reform is more than enhancing the efficiency of existing mechanisms. A structural reform of the political system appears to be a necessary step in order to reach the goals of regulatory reforms.
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