Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview

seems that foreign entry into the domestic steel market was prevented by virtue of the closed nature of the Japanese distribution system.

Recently, the case of semiconductors attracted worldwide attention because of the hot dispute between the United States and Japan. The Japanese government explicitly targeted the semiconductor industry for development in the early 1970s through tariffs and import restrictions, though tax incentives played a minor role. In the mid-1970s, these protective measures were formally abolished. U.S. semiconductors, however, still could not enter the Japanese market. At the same time, Japan began to export semiconductors in substantial quantities to the United States. By the end of the 1970s, Japan had established itself as the dominant player in the semiconductor industry, especially in new products. 10

In summarizing the Japanese case for trade policy and industrial policy in the postwar period, we can say that tax incentives were not major instruments in the promotion of exports and could not have been very effective. Nevertheless, with the aid of tariffs, import restrictions, and the low cost of financing, trade and industrial policy as a whole achieved its objectives rather satisfactorily.


Notes

I am grateful to Professor John Riew for his helpful suggestions.

1.
Even though Japan entered World War II in 1941, in the late 1930s the influence of war was already evident. Therefore, we exclude these years from the scope of this chapter.
2.
A study on the relation of the Japanese tax system to Hinrichs's stages was done by Ishi ( 1978). Naturally the facts are similar to those found in this chapter, but the data in this chapter are more comprehensive and include local taxes. The interpretation and the viewpoint, however, are different.
3.
The role of the land tax in the context of a dual economy was concisely summarized by Bird ( 1974).
4.
This view is endorsed by Ahmad and Stern ( 1989). I agree with their view on the Japanese case.
5.
A critical evaluation of the infant-industry arguments was forcefully developed by Baldwin ( 1969).
6.
The main part of this section and the next section relies on the latter half of Kaizuka ( 1988).
7.
For these symmetries see Corden ( 1984).
8.
For an overview of tax incentives in Japan see Pechman and Kaizuka ( 1976), Kaizuka ( 1984), and Ishi ( 1989).
9.
On this subject, several chapters in Komiya, Fujiwara, and Suzumura ( 1988) are useful.
10.
Krugman ( 1984) vividly describes this case.

-61-

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Taxation and Economic Development among Pacific Asian Countries
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • 1 - Introduction 1
  • Notes 10
  • 2 - Indonesian Tax Reform, 1985-1990 11
  • Notes 41
  • References 42
  • 3 - The Tax System and Economic Development in Japan 44
  • Notes 61
  • References 62
  • 4 - Tax Reform in the Philippines 64
  • Notes 80
  • 5 - Tax Reform in Malaysia: Trends and Options 82
  • Notes 100
  • References 101
  • 6 - Property Taxation as a National Policy Tool in Taiwan 104
  • Notes 116
  • References 116
  • Notes 137
  • References 138
  • 8 - Effective Corporate Tax Rates on Capital Income in Hong Kong 140
  • Notes 153
  • 9 - Tax Policy and Business Investment: Taiwan's Manufacturing Industry 156
  • Notes 165
  • References 167
  • 10 - The International Dimension of Korean Tax Policy 168
  • Notes 191
  • References 192
  • 11 - Tax Incentives for Export Promotion in Japan, 1953-1964 194
  • Notes 207
  • References 208
  • 12 - International Aspects of Income Taxation in Taiwan 210
  • Notes 221
  • References 223
  • 13 - Financing Social Security in Singapore Through the Central Provident Fund 225
  • Notes 255
  • References 255
  • 14 - A New Role for Fiscal Policy and Tax Finance in Korea 259
  • Notes 275
  • References 276
  • About the Book 280
  • About the Editors and Contributors 281
  • Index 283
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