Japanese Views on Economic Development - Diverse Paths to the Market (Hardcover)

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.