Economic Recovery, Rapid Growth, and Industrial Policy
This chapter presents an overview of the first three decades of Japan's post-war development. Japan's remarkably rapid growth between 1945 and 1973 occurred simultaneously with the widespread use of industrial policy, and the changing focus and history of this policy serves to divide Japanese growth into four distinct periods. The Occupation period, from August 1945 to April 1952, witnessed the creation of many of the tools of industrial policy and was characterized by the state's emphasis on economic recovery. From 1952 to 1960, policy tools were perfected and were used to promote the rationalization and modernization of select industries in order to achieve economic autonomy. The 1960s was a decade of trade and capital liberalization. While trade concerns remained a policy priority in the early 1970s, this period was also characterized by a focus on an improved quality of life, an emphasis that was interrupted by the first oil crisis.
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