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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
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outdated and needs major change.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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