"A group of prominent Japanese economists recently published a multivolume review of Japan’s program of economic development since World War II. They point out that Japan rejected the neoliberal doctrines of their US advisers, choosing instead a form of industrial policy that assigned a predominant role to the state. Market mechanisms were gradually introduced by the state bureaucracy and industrial-financial conglomerates as prospects for commercial success inscreased. The rejection of orthodox economic precepts was a condition for the “Japanese miracle,” the economists conclude. The success was impressive. With virtually no resource base, Japan became the world’s biggest manufacturing economy by the 1990s and the world’s leading source of foreign investment, also accounting for half the world’s net saving and financing US deficits."
Noam Chomsky - Profit Over People
#Profit over People
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