Industrial and Trade Policy

It was once popular to attribute Japan’s rapid economic growth in the 1960s to the contribution of the industrial policy adopted by the government, especially by MITI. ‘Industrial policy’ in this paper, therefore, refers to a set of economic policies mainly targeted at specific industries and implemented in the late 1950s and 1960s. 1 The purpose of this paper is, firstly, to reassess the effectiveness of industrial policy under the trade liberalization of the period, and, secondly, to draw some policy implications for contemporary developing countries. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.