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• W296551856 abstract "Japanese Views on Economic Development: Diverse Paths to Market. Edited by Kenichi Ohno and Izumi Ohno. London: Routledge, 1998. xiv + 332 pp. Since beginning of 1990s, East Asian approach to economic development has been a hot and controversial issue in West. In 1994, Ernest Stern, then Managing Director of World Bank, celebrated its spreading to other regions as a major catalyst for global economic growth. In 1997, however, Federal Reserve Board Chairman Alan Greenspan remarked that government-led economic system and mercantilism inevitably led to recent East Asian crisis. What is impressive is fact these Western observers have never seriously attempted to understand East Asian approach: instead they tend to naively apply their traditional analytical framework to East Asian realities. To put it differently, these arguments do not pay due attention to emerging paths to market in East Asia. In their work, Ohnos outline Japanese approach to economic development and systemic transition through introducing key literature written in first half of 1990s by Japanese scholars and practioners. Like in Southeast Asia, a wide variety of views which are significantly different from orthodoxy based on Washington consensus have emerged in Japan. Unlike Southeast Asians, however, Japanese have failed to attract worldwide attention partly due to lack of colourful advocates, such as Messrs. Lee Kuan Yew and Mahathir Mohamed. In addition, many of key writings on this subject are in Japanese and have been inaccessible to foreign researchers. Under these circumstances, Ohnos selected fourteen major pieces in literature and translated them into English in order to make them available to a wider, non-Japanese speaking audience for discussion and constructive criticism (p. xiii). They are ideal editors for a first attempt of this kind, because of (1) their theoretical background of economics, (2) work experiences as economists at leading international institutions such as International Monetary Fund and World Bank, and (3) as advisers to transitional economies, in particular, Vietnam and Kyrgyz. The fifteen chapters in this book include a very informative Overview written by Kenichi Ohno for this purpose, show a broad spectrum of Japanese views in a well balanced manner, touching on history, anthropology, and politcal science in addition to economics. Although readers may find a couple of pieces rather disappointing in their quality, most of them including official reports prepared by governmental organizations at least are eye openers for those who have naively thought that Japanese approach is simply to recommend industrial policy to any latecomer country (p. xiii). The Ohnos also point out that recent evolution of alternative strategies was initiated by Japanese aid community who had been highly disappointed by structural adjustment approach, which is based on neoclassical orthodoxy, and had criticized it in early 1990s. Ohno's Overview provides an insightful comparison between neoclassical and Japanese approaches; at same time he does not miss chance to emphasize that two approaches share many common ideas (p. 3). There are four salient features: First, highest priority for Japanese advisers is the real economy and not financial side (p. 4) particularly under adverse circumstances. According to him, most Japanese aid officials find IMF Managing Director Michel Camdessus's statement, stressing hyperinflation must be stopped at all costs, is narrow and unbalanced (p. 4). When policy makers argued over how to stop postwar inflation in Japan, sacrificing production for sake of inflation stabilization was out of question (p. 5), in spite of diverse differences in positions among opinion leaders (see chapter 3). Second, Japanese strategists emphasize long-term targets and visions which are supported by concrete annual plans (p. …" @default.
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• W296551856 title "Japanese Views on Economic Development: Diverse Paths to the Market" @default.
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