The Governed Market School of thought: a critical analysis of arguments proposed in favour of Japan's Selective industrial policy supporting the hi-tech industries

Abstract

The article refers to the so-called "Governed Market School" of economic thought. It supports the idea that the Japanese state is primarily responsible for the accelerated growth of the Japanese post - war economy. The representative authors of GM school are: Charlmes Johnson, Thomas Hout and Ira Magaziner, John Zysman, Laura D' Andrea Tysan. But their viewpoint is based only on theoretical reasoning (They do not do the empirical work) and they lead analysis at macro level exclusively. So the conclusions of the developmental state are not convincing although deserve taking into account during research