External Shocks, Industrial Policy, and the Search for Balanced Growth
This chapter summarizes Japan's more recent experience with industrial policy, of interest because Japan's economic performance continues to surpass that of other major OECD nations. Although recovery from the first oil crisis was both difficult and protracted, the economy had largely adjusted to higher energy costs by 1978, and the second oil crisis presented few serious difficulties. Between 1973 and 1990, real GNP rose at an average annual rate slightly in excess of 4%, less than half the rate of the previous two decades but quite favourable for any developed nation. Finally, more efforts were devoted to helping industries adjust to a changed environment; measures to that end came to combine elements of anti-growth policy with those of pro-growth policy. Finally, the scope of pro-growth policy was limited almost solely to the promotion of new technologies.
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