Japanese Industrial Policy, Past and Future
This chapter contains concluding observations and qualifications about the importance of industrial policy for both developing and developed nations. Over the last four and a half decades, industrial policy has changed enormously. Instrumental in determining the allocation of resources in the first ten years after World War II, the power and scope of policy has gradually waned. Despite fluctuations, government measures to support employment by blocking competition have been gradually decreased from about 1960, and policies to support new industries have also been used with less frequency as time has passed. With the external shocks of the 1970s, industrial policy focused increasingly on facilitating adjustment. Industrial policy in Japan today is hardly more ambitious than policy in the US: both support the development of new technologies and both provide special measures for depressed industries.
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