Did Japan's Industrial Policy Pay Off? (Int'l Edition)

International -- Readers Report

DID JAPAN'S INDUSTRIAL POLICY PAY OFF? (int'l edition)

Paul Craig Roberts' article intrigued me ("The Asian crisis proves industrial policy doesn't pay off," Economic Viewpoint, Dec. 22). He refers to Japan's industrial policy without fully understanding it. Industrial policy contributed to rehabilitating and restructuring the manufacturing sector of the postwar economy--but had ceased to exist by the mid-1970s. He confuses industrial policy with financial policy.

Shigeru Otsuka

Professor

Toyo Gakuen University

Tokyo