In This Review In This Review
Asia's New Giant: How the Japanese Economy Works
Edited by Hugh Patrick and Henry Rosovsky
Brookings, 1976, 923 pp.
Probably the most comprehensive account ever written about the Japanese economy and its future prospects, this book is the result of a collaborative effort between a prominent group of American economists and Japanese counterparts. The editors, in an interesting conclusion on "lessons" for other industrial democracies, stress the close cooperation between government and big business, the ability of the bureaucracy to exercise a countervailing role without stifling private initiative, and the tremendous willingness of the Japanese to learn from foreigners. (On the helpful role of government in stimulating Japanese economic growth, see also the essay by Chalmers Johnson in the Critical Choices for Americans studies reviewed above.)
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