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Japan industral policy

Group discussion and presentation
by

Lucinda Cargill

on 28 August 2013

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Transcript of Japan industral policy

Was MITI's industrial development strategy of 'picking winners' successful?
What does MITI stand for?

What does picking winners mean?
Discussion Questions
1. Was MITI's industrial development strategy of 'picking winners' successful?
2. What are the main features of Japan's industry policy today and does it still rely on a strategy of 'picking winners'?
3. What is the "iron triangle"? Discuss its effect on government-business relations in Japan.
4. What factors caused the LDP to lose the general election in 2009? Has the change in government brought reforms to government-business relations in Japan?
5. Is Japan still important in the global economy?
Japan & the
Developmental State

Lucinda, Todd and Charmaine
Successful
Judging by Japan's growth over the past 40 years, it has succeeded often enough.
Sony, Toyota and Honda have significantly out performed the market."
Investors need to hunt out companies that can compete because of certain clear advantages they have: the uniqueness of their products, their technology or marketing strengths.
What are the main features of Japan's industry policy today and does it still rely on a strategy of 'picking winners'?
Today's industrial policy has more to do with framework conditions
The primary concern for industrial policy makers is the good performance of the entire economy
Do you think Japan are still relying on picking winners? If so to what extent?
Q 5. Is Japan still important in the global economy?
Is Japan important as an economic function of the US?
What about in 50 years?

Will japan still be important then? What other countries will have changed?

What are some challenges that Japan will face in the future?
Introduction
Historical Background
The Developing state
Bubble and Bust
Reforms
Whats in store for the future?
Unsuccessful
Research has looked at particular industries, rather than one industry compared with another
Many sectors received high rates of support on some measures and low rates on others.
Eg. Mining received lots of cheap loans, transfers and tax relief, but fared worst on trade protection
Japanese industrial policy did not pick winners. In fact, if you calculate the correlation between growth in each sector and the support provided by the various industrial-policy instruments, you bet a negative correlation in every case:
Anonymous. (1994), Anonymous. (1998)
What is the “iron triangle”? Discuss its effect on government-business relations in Japan.
Why the “iron triangle” could not maintain its previous successes


Did they go from picking winners to defending losers?
4. What factors caused the LDP to lose the general election in 2009? Has the change in government brought reforms to government-business relations in Japan?
Was the DPJ unlucky with its timing?


LDP Strikes Back(back in power)! Can an old dog learn new tricks?
Full transcript