Economic Recovery, Growth and Policies: 'Gradualism' in the Japanese Context
分析日本1946-50年经济复苏和1951-55年向加速增长过渡的经验，指出跨部门生产调整需要新资本投资，政府协调投资作用关键，稳定公司治理和宏观环境对技术引进型增长至关重要。
Japan's way Juro Teranishi This paper examines and draws three conclusions from Japan's recovery in the 1946–50 period, and its 1951–55 transition to accelerated growth. The first conclusion is that intersectoral adjustment of production requires new capital investment in addition to reallocation of labour. The key is the reestablishment of production linkages through active investment rather than privatization of state enterprises and the reduction of inflation. The second conclusion is that the Japanese government was important in coordinating investment in both periods, but in different ways. In the recovery phase, policies such as directed credit and price controls were effective; and in the transitional phase, the industrial policy of coordinating strategic shifts in production technology was an effective method of intervention. The third conclusion is that stable corporate ownership and governance, and macroeconomic stability are crucial in the transitional and growth phases. This is because growth through imported technology depends upon learning, which requires long corporate time-horizons and effective mechanisms for risk-sharing. It must be noted, however, that Japan's transition from a wartime controlled economy was much easier than Eastern Europe's transition from central planning. Privatization was not an important issue because Japan retained the capitalist system during wartime. So there was no need to build new capitalist institutions (like financial markets) in order to shift to a market-based system. Furthermore, it was not necessary for Japanese to learn how to use the market mechanism because the controlled economy lasted only nine years, from 1937 to 1945.