Industrial policy cuts two ways: Evidence from cotton-spinning firms in Japan, 1956-1964

Kozo Kiyota, Tetsuji Okazaki

研究成果: Article

4 引用 (Scopus)

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A number of studies have revealed a negative effect of industrial policy on productivity growth. Is this because industrial policy fails to control the activities of firms or because it can effectively control them? This paper attempts to answer these questions, using firm-level data from the cotton-spinning industry in Japan for the period 1956-64. We determine that industrial policy cut two ways during this period. Industrial policy effectively controlled the output of cotton-spinning firms, which contributed to the establishment of a stable market structure during the period. On the flip side, such policy constrained the reallocation of resources from less productive large firms to more productive small firms. Combined with the negative productivity growth in large firms during this period, industrial policy resulted in negative productivity growth in the industry.

元の言語English
ページ(範囲)587-609
ページ数23
ジャーナルJournal of Law and Economics
53
発行部数3
DOI
出版物ステータスPublished - 2010 8

ASJC Scopus subject areas

  • Economics and Econometrics
  • Law

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