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Introduction In the 1950s and 1960s, the Japanese government created a complicated system of policies to promote industrial development. The objective of industrial policy was to shift resources to specific industries in order to gain international competitive advantage for Japan. Although in the 1970s and 1980s industrial policy remained important in Japan, thinking began to change. Government intervene less and become more respectful of price mechanisms in guiding future development. During this period, trade and direct foreign investment were liberalised, tariff and non-tariff trade barriers were lowered, and the economies of the advanced nations became more integrated, as the result of the growth of international trade and international corporations. Thinking about industrial policy Industrial policy usually indicates a broad set of government policies which promote the same specific targeted industry or industries. The industries that post-war Japanese industrial policy is argued to have promoted include petrochemicals, steel,...

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