Miraculous Growth and Stagnation in Post-War Japan

240 Pages·2011·2.73 MB·English

by  Koichi Hamada

Miraculous Growth and Stagnation in
Post- War Japan
This volume examines different aspects of the Japanese experience in a comparative context. There
is much here of relevance to contemporary developing countries anxious to initiate the experience of
miraculous growth and anxious to avoid the subsequent stagnation.
Such issues of the role of government in providing the right amount of infant industry protection,
the relevance of the financial system, the country’s peculiar corporate structure and the role of educa-
tion in a comparative context serve to illuminate the lessons and legacies of this unique experience in
development.
The relationship between various dimensions of its domestic policy experience and Japan’s inter-
national experience in trade promotion and foreign aid is explored and is of special interest to an
international audience of academics and policymakers.
Koichi Hamada is the Tuntex Professor of Economics at Yale University, where he specializes in
the Japanese Economy and International Economics. Professor Hamada has an LLB, an MA in Eco-
nomics from the University of Tokyo and an MA and PhD in Economics from Yale University. In
Japan, he participated in many policy committees at the Ministry of Finance, MITI, the Economic
Planning Agency and other ministries and was one of the few who applied the methodology of “Law
and Economics” to Japan’s legal system in the 1970s. Professor Hamada was the founding President
of the Japan Law and Economics Association in 2003.
Keijiro Otsuka received his BA in agricultural sciences, Hokkaido University in March 1971, MA
in economics, Tokyo Metropolitan University in March 1974 and PhD in economics, University of
Chicago in March 1979. He is currently Visiting Professor at the National Graduate Institute for
Policy Studies (April 2001 to present). Currently he is associate editor of Economic Development
and Cultural Change and president of the International Association of Agricultural Economists.
Gustav Ranis was the Henry R. Luce Director of the Yale Center for International and Area Studies
from 1996 to 2004. He was a Carnegie Corporation Scholar from 2004 to 2006, Director of the Eco-
nomic Growth Center at Yale from 1967 to 1975, Assistant Administrator for Program and Policy at
USAID from 1965 to 1967, and Director of the Pakistan Institute of Development Economics from
1958 to 1961. He has worked in China, Colombia, Ghana, Indonesia, Mexico, and Taiwan, among
others. Professor Ranis has more than 20 books and 300 articles on theoretical and policy-r elated
issues of development to his credit.
Ken Togo is Professor of the Faculty of Economics, Musashi University, Tokyo, and Adjunct Lec-
turer of the Graduate School of International Cooperation Studies, Kobe University, Kobe, Japan. He
received his PhD from Yale. He was also Research Fellow of Economic Planning Agency, Govern-
ment of Japan (1998–1999) and Visiting Fellow of Economic Growth Center, Yale University
(2003–2004). He was previously with the Foundation for Advanced Studies in Development
(FASID), Tokyo.
Routledge studies in the modern world economy
1 Interest Rates and Budget 6 Fiscal Policy and Economic
Deficits Reforms
A study of the advanced Essays in honour of Vito Tanzi
economies Edited by Mario I. Blejer and
Kanhaya L Gupta and Teresa M. Ter- Minassian
Bakhtiar Moazzami
7 Competition Policy in the Global
2 World Trade after the Uruguay Economy
Round Modalities for co-o peration
Prospects and policy options for Edited by Leonard Waverman,
the twenty-fi rst century William S. Comanor and
Edited by Harald Sander and Akira Goto
András Inotai
8 Working in the Macro Economy
3 The Flow Analysis of Labour A study of the US labor market
Markets Martin F. J. Prachowny
Edited by Ronald Schettkat
9 How Does Privatization Work?
4 Inflation and Unemployment Edited by Anthony Bennett
Contributions to a new
macroeconomic approach 10 The Economics and Politics of
Edited by Alvaro Cencini and International Trade
Mauro Baranzini Freedom and trade: volume II
Edited by Gary Cook
5 Macroeconomic Dimensions of
Public Finance 11 The Legal and Moral Aspects of
Essays in honour of Vito Tanzi International Trade
Edited by Mario I. Blejer and Freedom and trade: volume III
Teresa M. Ter- Minassian Edited by Asif Qureshi,
Hillel Steiner and Geraint Parry
12 Capital Markets and Corporate 21 Multimedia and Regional
Governance in Japan, Germany Economic Restructuring
and the United States Edited by Hans- Joachim Braczyk,
Organizational response to market Gerhard Fuchs and
inefficiencies Hans- Georg Wolf
Helmut M. Dietl
22 The New Industrial Geography
13 Competition and Trade Policies Regions, regulation and
Coherence or conflict institutions
Edited by Einar Hope Edited by Trevor J. Barnes and
Meric S. Gertler
14 Rice
The primary commodity 23 The Employment Impact of
A. J. H. Latham Innovation
Evidence and policy
15 Trade, Theory and Edited by Marco Vivarelli and
Econometrics Mario Pianta
Essays in honour of
John S. Chipman 24 International Health Care
Edited by James C. Moore, Reform
Raymond Riezman, and A legal, economic and political
James R. Melvin analysis
Colleen Flood
16 Who benefits from
Privatisation? 25 Competition Policy Analysis
Edited by Moazzem Hossain and Edited by Einar Hope
Justin Malbon
26 Culture and Enterprise
17 Towards a Fair Global Labour The development, representation
Market and morality of business
Avoiding the new slave trade Don Lavoie and
Ozay Mehmet, Errol Mendes and Emily Chamlee-W right
Robert Sinding
27 Global Financial Crises and
18 Models of Futures Markets Reforms
Edited by Barry Goss Cases and caveats
B.N. Ghosh
19 Venture Capital Investment
An agency analysis of UK practice 28 Geography of Production and
Gavin C. Reid Economic Integration
Miroslav N. Jovanović
20 Macroeconomic Forecasting
A sociological appraisal
Robert Evans
29 Technology, Trade and Growth 37 Regionalisation of Globalised
in OECD Countries Innovation
Does specialisation matter? Locations for advanced industrial
Valentina Meliciani development and disparities in
participation
30 Post- Industrial Labour Markets Edited by Ulrich Hilpert
Profiles of North America and
Scandinavia 38 Gold and the Modern World
Edited by Thomas P. Boje and Economy
Bengt Furaker Edited by MoonJoong Tcha
31 Capital Flows without Crisis 39 Global Economic Institutions
Reconciling capital mobility and Willem Molle
economic stability
Edited by Dipak Dasgupta, 40 Global Governance and
Marc Uzan and Dominic Wilson Financial Crises
Edited by Meghnad Desai and
32 International Trade and Yahia Said
National Welfare
Murray C. Kemp 41 Linking Local and Global
Economies
33 Global Trading Systems at The ties that bind
Crossroads Edited by Carlo Pietrobelli and
A post- Seattle perspective Arni Sverrisson
Dilip K. Das
42 Tax Systems and Tax Reforms
34 The Economics and in Europe
Management of Technological Edited by Luigi Bernardi and
Diversification Paola Profeta
Edited by John Cantwell,
Alfonso Gambardella and 43 Trade Liberalization and APEC
Ove Granstrand Edited by Jiro Okamoto
35 Before and Beyond EMU 44 Fiscal Deficits in the Pacific
Historical lessons and future Region
prospects Edited by Akira Kohsaka
Edited by Patrick Crowley
45 Financial Globalization and the
36 Fiscal Decentralization Emerging Market Economies
Ehtisham Ahmad and Vito Tanzi Dilip K. Das
46 International Labor Mobility
Unemployment and increasing
returns to scale
Bharati Basu
47 Good Governance in the Era of 54 Regional Monetary Policy
Global Neoliberalism Carlos J. Rodríguez-Fuentez
Conflict and depolitization in
Latin America, Eastern Europe, 55 Trade and Migration in the
Asia and Africa Modern World
Edited by Jolle Demmers, Carl Mosk
Alex E. Fernández Jilberto and
Barbara Hogenboom 56 Globalisation and the Labour
Market
48 The International Trade System Trade, technology and less-s killed
Alice Landau workers in Europe and the United
States
49 International Perspectives on Edited by Robert Anderton,
Temporary Work and Workers Paul Brenton and John Whalley
Edited by John Burgess and
Julia Connell 57 Financial Crises
Socio- economic causes and
50 Working Time and Workers’ institutional context
Preferences in Industrialized Brenda Spotton Visano
Countries
Finding the balance 58 Globalization and Self
Edited by Jon C. Messenger Determination
Is the nation-s tate under siege?
51 Tax Systems and Tax Reforms Edited by David R. Cameron,
in New EU Members Gustav Ranis and Annalisa Zinn
Edited by Luigi Bernardi,
Mark Chandler and 59 Developing Countries and the
Luca Gandullia Doha Development Round of the
WTO
52 Globalization and the Nation Edited by Pitou van Dijck and
State Gerrit Faber
The impact of the IMF and the
World Bank 60 Immigrant Enterprise in Europe
Edited by Gustav Ranis, and the USA
James Vreeland and Prodromos Panayiotopoulos
Stephen Kosak
61 Solving the Riddle of
53 Macroeconomic Policies and Globalization and Development
Poverty Reduction Edited by Manuel Agosín,
Edited by Ashoka Mody and David Bloom, George Chapelier
Catherine Pattillo and Jagdish Saigal
62 Foreign Direct Investment and
the World Economy
Ashoka Mody
63 The World Economy 71 Working Time Around the
A global analysis World
Horst Siebert Trends in working hours, laws,
and policies in a global
64 Production Organizations in comparative perspective
Japanese Economic Jon C. Messenger, Sangheon Lee
Development and Deidre McCann
Edited by Tetsuji Okazaki
72 International Water Treaties
65 The Economics of Language Negotiation and cooperation along
International analyses transboundary rivers
Edited by Barry R. Chiswick and Shlomi Dinar
Paul W. Miller
73 Economic Integration in the
66 Street Entrepreneurs Americas
People, place and politics in local Edited by Joseph A. McKinney
and global perspective and H. Stephen Gardner
Edited by John Cross and
Alfonso Morales 74 Expanding Frontiers of Global
Trade Rules
67 Global Challenges and Local The political economy dynamics
Responses of the international trading system
The East Asian experience Nitya Nanda
Edited by Jang-S up Shin
75 The Macroeconomics of Global
68 Globalization and Regional Imbalances
Integration European and Asian perspectives
The origins, development and Edited by Marc Uzan
impact of the single European
aviation market 76 China and Asia
Alan Dobson Economic and financial
interactions
69 Russia Moves into the Global Edited by Yin-W ong Cheung and
Economy: Breaking Out Kar- Yiu Wong
John M. Letiche
77 Regional Inequality in China
70 The European Economy in an Trends, explanations and policy
American Mirror responses
Barry Eichengreen, Edited by Shenggen Fan,
Michael Landesmann and Ravi Kanbur and Xiaobo Zhang
Dieter Stiefel
78 Governing Rapid Growth in 85 Financial Liberalisation and
China Economic Performance
Equity and institutions Luiz Fernando de Paula
Edited by Ravi Kanbur and
Xiaobo Zhang 86 A General Theory of
Institutional Change
79 The Indonesian Labour Market Shiping Tang
Shafiq Dhanani, Iyanatul Islam
and Anis Chowdhury 87 The Dynamics of Asian
Financial Integration
80 Cost–Benefit Analysis in Edited by Michael Devereux,
Multi- level Government in Philip Lane, Park Cyn-y oung and
Europe and the USA Wei Shang- jin
The case of EU cohesion policy
and of US federal investment 88 Innovative Fiscal Policy and
policies Economic Development in
Alessandro Ferrara Transition Economies
Aleksandr Gevorkyan
81 The Economic Geography of Air
Transportation 89 Foreign Direct Investments in
Space, time, and the freedom of Asia
the sky Edited by
John Bowen Chalongphob Sussangkarn,
Yung Chul Park and
82 Cartelization, Antitrust and Sung Jin Kang
Globalization in the US and
Europe 90 Time Zones, Communications
Mark LeClair Networks, and International
Trade
83 The Political Economy of Toru Kikuchi
Integration
Jeffrey Cason 91 Miraculous Growth and
Stagnation in Post- War Japan
84 Critical Issues in Air Transport Edited by Koichi Hamada,
Economics and Business Keijiro Otsuka, Gustav Ranis, and
Rosario Macario and Ken Togo
Eddy Van de Voorde

Miraculous Growth and
Stagnation in Post- War Japan
Edited by Koichi Hamada,
Keijiro Otsuka, Gustav Ranis, and
Ken Togo