A Japanese Buddy System That Could Benefit U.S. Business

Last month, I examined the first of three theories that purport to lay bare the "secret" of the Japanese economic miracle: the notion that industrial policy held the key. I concluded that while the theory holds several big grains of truth for the 1950s and 1960s, it does not go far in explaining Japan's continued industrial dynamism in the 1970s and 1980s. More important, it is not something the U.S. should try to emulate.

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