Japan's Model of Economic Development

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Japan was the first non-Western country to accomplish successful industrialization, and the dominant perception of its 'industrial policy' had over-emphasized specific characteristics of Japan. However, from the perspective of today's development thinking, Japan's economic history shared a wide range of common factors in usual economic development: macroeconomic stability, human resource development, and economic infrastructure. Industrial policy in Japan sometimes worked well and sometimes did not, depending on how effectively it counteracted market failure and took advantage of market dynamism. We must note, however, that the external conditions faced by Japan were widely different from what today's developing countries face.

Original languageEnglish
Title of host publicationDevelopment Success
Subtitle of host publicationHistorical Accounts from More Advanced Countries
PublisherOxford University Press
ISBN (Electronic)9780191748943
ISBN (Print)9780199660704
DOIs
Publication statusPublished - 2013 Jan 24

Keywords

  • Economic infrastructure
  • Industrial policy
  • Industrialization
  • Macroeconomic stability
  • Trade liberalization

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

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  • Cite this

    Kimura, F. (2013). Japan's Model of Economic Development. In Development Success: Historical Accounts from More Advanced Countries Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199660704.003.0007