In This Review

Japan, Disincorporated: The Economic Liberalization Process
Japan, Disincorporated: The Economic Liberalization Process
By Leon Hollerman
Hoover Press, 1988, 180 pp

The liberalization of the Japanese economy, domestically and internationally, has presented "a spectacle of interministerial rivalry, bureaucratic infighting, and conflict between government and business that normally would be papered over and concealed from public view." Taking advantage of this situation, one of the most acute American observers of the Japanese economy provides an interesting, complicated and often very detailed analysis of the liberalization process, with special attention to financial liberalization and the operations of the Ministry of Finance and the Bank of Japan. He finds much ambiguity even where consensus is said to exist and makes good use of conflicting answers to his questions. For the future he thinks it likely that the oligopolies will reestablish themselves in government and business in an economy where "Japan, Reincorporated" will concentrate on finance, high technology, and being the headquarters for offshore production of the manufactured goods it used to export.