Government-business interplay in Japanese modernization

Abstract

Since the term "Japan, Inc." was first coined by a journalist in 1971, Japan has been viewed as a supreme example of an economic machine that produces results. In the purest form of the concept, the government performs the function of top management in a corporation by maiking strategic decisios on where and how much to invest, while the business sectors, like divisions in a corporation, faithfully implement the assignments, but with government support in terms of financing, subsidies, and trade protection...