The preceding text and several of the articles in

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Unformatted text preview: 998). Such orders of magnitude may be exaggerated; they are, none the less, indicative of the scope for gains from some needed deregulatory efforts. The discussion on reforms has, however, gone beyond proposals for whittling down government 9 OXFORD REVIEW OF ECONOMIC POLICY, VOL. 16, NO. 2 interference. The preceding text, and several of the articles in this issue, raise the more radical possibility that the whole ‘Japanese model’ is, in some ways, outdated and needs major change. Such views are strongly held in the Anglo-American world (see for example, Katz, 1998), and have increasingly influenced the Japanese debate on the country’s future (e.g. Noguchi, 1995, 1998). This section describes some of the key features of the Japanese ‘model’, considers the role they are thought to play in the economy, looks at the evidence for, as well as the impediments to, change, and tentatively assesses the potential costs and benefits of such changes. (i) The Traditional Model and its Advantages There are conventional...
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