Finally, although the Japanese do not like to think of it that way, there is another major phase that is not only unfolding at present but should continue extending indefinitely into the future. It is the attempt to save declining sectors. Judging by Japan’s experience thus far and especially the experiences of the countries that preceded it, this may eventually become the most substantial dimension of industrial policy.
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- 4.See Yoshio Yonezawa, Analysis and Evaluation of the Adjustment Process and Policies of the Japanese Textile Industry (Tokyo: Japan Economic Research Centre, 1981).Google Scholar