Economic Policy and Development: New Perspectives

Economic Policy and Development: New Perspectives

Economic Policy and Development: New Perspectives

Economic Policy and Development: New Perspectives


Distinguished economists from seven countries provide authoritative perspectives within four topical areas: general trade issues; issues in economic development; the Japanese economy; and trial policy and technological change.


This volume, consisting of contributions by friends and colleagues, is offered in honor of Dr. Saburo Okita to mark the occasion of his seventieth birthday. We hope that it will serve as a tangible expression of the esteem in which Dr. Saburo Okita's work, and Dr. Okita himself, are held, not only by the contributors but also by the economics profession and policymakers in general. We believe that this volume will also serve as a positive contribution to ongoing work in the areas of public policy and economic development, areas in which he has been so eminent a contributor.

The list of distinguished contributors to this volume speaks for itself. Coming as they do from a broad spectrum of national origin and philosophic persuasion, their thoughts on economic policy and development do, indeed, produce new perspectives. This is no doomsday book. Rather, the authors identify crucial issues and problems, and they address them with an eye to the best course of action.

The book is divided into four parts: (1) general trade issues, (2) issues in economic development, (3) the Japanese economy, and (4) industrial policy and technological change. Paul Samuelson opens Part One with an analysis of free trade vis à vis protectionism, arriving at the conclusion that even the theoretical gains from protection are so uncertain and limited that free trade is the best policy not just for all but for each. Gerald Meier sees the potential for development through trade as determined by the fundamental changes in comparative advantage, the pursuit of appropriate domestic policies in both LDCs and MDCs, and the strength of the integrative process in the LDCs. Charles Kindleberger addresses the question of whether a multinational corporation should be treated for tax purposes as a whole or as the sum of its parts. Peter Drysdale examines the close relationship between regional and global economic interests of countries in the Asia-Pacific area. To end the part, Jagdish Bhagwati makes the case for promoting exports.

Part Two opens with a look at investment criteria in development planning, by Kazushi Ohkawa. Gerardo Sicat then analyzes national economic management vis à vis technocratic leadership. Toshio Watanabe reviews economic development in South Korea, tracing the initial need for strong export orienta-

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