Japan - a major provider of development aid - is challenging
conventional wisdom in economic development. This text is a
systematic exposition of the Japanese approach to economic
development. Development economists who shape Japan's economic aid
policy are assembled in this one volume. Japanese economists
generally believe that long-term vision and phased real sector
strategies are lacking in the policy recommendations of the World
Bank and International Monetary Fund. They argue that development
of a market economy requires many conditions which do not
automatically arise by hands off economic policy; these conditions
must be built by conscious efforts of the government with
international help. Therefore, to promote a market economy,
development economists should design comprehensive and long term
development strategy tailored to the realities of each country. The
text shows that the Japanese approach is not simply to recommend
universal industrial policy. Students of development economics,
Asian studies, international relations as well as professional
policy makers should find this perspective both controversial and
stimulating.
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