earticle

영어

Writers such as Johnson(1979) Rosenbluth(1989) Calder(1993) Katz(1998) who have investigated Japanese problems empathize that some kind of characters decribing so called Japanese Economic System(JES) and MITI's industrial policy could be listed the most powertful factors to explain Japan's high-level economic growth during last four decades. JES decribes the characteristic Japanese economy structure where bureaucrat in MITI and MOF and some politians representing industry and business' interests play a key role in planning and budget allocation, and are accustomed to use administrative interference, regulation /protection to urge compromise and yields of related business and industry for the purpose of pursuing living-together/minimizing drop-out strategy if necessary. Elite bureaucrat did not admit of winner-takes-all system that have prevailed in western world in Japan market. They have been educated to lay priority in equality and cooperation than efficiency and competition. Also they appreciate social-democratic compromise in decision making of hot conflict issues to accomplish Sozialstaat ideal. Of course many business conglomarates including old-chaibatz, Mitsubishi, Sumitomo could get competitiveness by virtue of high value added technology and R&D projects for semi-conductor, supercomputer, space and aviation technology. That projects have been coordinated by MITI and affiliated institutions for the purpose of catching up with western industry and surpassing them until 1980s. In this paper we insist that government-guided growth strategy namely JES could not function well in borderless global economy of these days even though it have accomplished to build comparative advantage of Japanee business and industry until 1980. Japanese bureaucrats wish to keep up with small government under increasing social security burdens, so that they can pursue no more living-together strategy that depend on budget expenditure for public works and public investment and loans. Also they have lost powerful policy tool like financial intervention since performances of financial institutions including big banks and securities have grown worse during last decade.