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Planning for ChangeIndustrial Policy and Japanese Economic Development, 1945–1990$
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James E. Vestal

Print publication date: 1995

Print ISBN-13: 9780198290278

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198290278.001.0001

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Evaluating Recent Industrial Policy (1973–1990)

Evaluating Recent Industrial Policy (1973–1990)

Chapter:
(p.190) 8 Evaluating Recent Industrial Policy (1973–1990)
Source:
Planning for Change
Author(s):

JAMES E. VESTAL

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198290278.003.0008

This chapter evaluates the efficacy of industrial policy in the 1970s and the 1980s, examining both the rationality of such policy and its impact. It seems probable that industrial policy acted as a drag on economic performance during much of the 1970s. Certainly, measures designed to ease inflation after the first oil crisis probably exacerbated it, and difficulties in adjusting to this external shock may have been compounded by past policy measures. However, by the 1980s policy rationality returned. With the notable exception of agriculture, policy has fostered even greater competition in distribution and amongst smaller companies, disengaging traditional anti-growth policy. Pro-growth policy has been reduced in scope and is associated increasingly with the development of new technologies. Finally, temporary adjustment measures have now combined elements of pro-growth policy with anti-growth policy, an appropriate response to declining industries.

Keywords:   industrial policy, inflation, anti-growth policy, pro-growth policy, new technology, oil crisis

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