The Three Stages Of Japan’s Economy

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Richard Katz emphasizes that the protectionism and industrial policies that contributed to prosperity during catch-up from 1945 and onwards, no longer worked in the 1990s when Japan was a mature economy. Indeed Katz argues that these policies will increase the gap between Japan and the highly industrialized countries such as the United States and Germany during the early part of the 21st century. Katz's book does a careful job of linking Japan's astonishing postwar rise to its later depression, pinpointing the moment at which its economic model started to sour and explaining how those changes produced what he calls Japan's cramped dual economy. The author's argument about the state of Japan economy as related to its need to regulate its investment-led economy is remarkable. In a nutshell, this book is not just about how the Japan economic system soured, but furthermore concerning trade policies and productivity in any economy. Mr. Katz has been amazingly accurate ...

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industries needed a jump-start to get over the initial obstacles, as they had not yet acquired either the economies of scale. As each grew, the ripple effects accelerated the others. When Tokyo applied promotional policies in the catch-up era--from rigid import quotas, to huge subsidies, to authorization of export cartels, it nurtured an industrial takeoff, of which the world had never seen. The book stresses that, unfortunately, at the very point in Japan's evolution when the developmental policies should have been loosened, they were reinforced. As, developmental policies make impression for an economy still in the state of growth.

Nonetheless, Japan continued to use the same ...

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