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The Role of Government in East Asian Economic DevelopmentComparative Institutional Analysis$
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Masahiko Aoki, Hyung-Ki Kim, and Masahiro Okuno-Fujiwara

Print publication date: 1998

Print ISBN-13: 9780198294917

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780198294917.001.0001

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The Government‐Firm Relationship in Postwar Japanese Economic Recovery: Resolving the Coordination Failure by Coordination in Industrial Rationalization

The Government‐Firm Relationship in Postwar Japanese Economic Recovery: Resolving the Coordination Failure by Coordination in Industrial Rationalization

Chapter:
(p.74) 3 The Government‐Firm Relationship in Postwar Japanese Economic Recovery: Resolving the Coordination Failure by Coordination in Industrial Rationalization
Source:
The Role of Government in East Asian Economic Development
Author(s):

Tetsuji Okazaki

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198294917.003.0003

This chapter describes the workings of a government-sponsored Council for Industrial Rationalization for resolving particular investment coordination problems facing Japan in the postwar economic recovery period. The newly formed market economy was faced with serious coordination failure due to complementarity among industries, economics of scale, and incomplete information. The Ministry of International Trade and Industry intended to coordinate the coordination failure by an industrial rationalization policy.

Keywords:   Council for Industrial Rationalization, postwar economy, market economy, private enterprises

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