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The role of industrial policy: Japan’s experience

Author

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  • Mitsuhiro Kagami

Abstract

There are two views on “industrial policy”, negative and positive. Negativeviews say the market mechanism is the best way to allocate resources efficiently. Thus, governmentpolicy with preferential treatment for a specific industry hinders this market forceand leads to a misallocation of resources. On the other hand, positive views say that stateintervention is necessary since market forces sometimes fail to allocate resources efficiently.Broadly speaking, this is an issue on relationships between the state and the market, or towhat extent we can rely on the “invisible hand” of Adam Smith. JEL Classification: L60; L52; N15.

Suggested Citation

  • Mitsuhiro Kagami, 1995. "The role of industrial policy: Japan’s experience," Brazilian Journal of Political Economy, Center of Political Economy, vol. 15(1), pages 121-136.
    • Handle: RePEc:ekm:repojs:v:15:y:1995:i:1:p:121-136:id:1229
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    More about this item

    Keywords

    Industrial policy; economic development; market failure; economic history of Japan;
    All these keywords.

    JEL classification:

    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East

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