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Word Count: 593
What the US can learn from Japan- Japan and the Four Little Dragons in order to achieve their industrialization goals have a diverse set of policies ranging from limited entitlement programs to a education and government bureaucracy that stresses achievement and meritocracy But one of the most significant innovations of Japan and the Four Little Dragons is there industrial policy which targets improving specific sectors of the economy by focusing RD subsidies and tax incentives to specific industries that the government wants to promote The United States could adopt some of these industrial policies to help foster emerging high tech businesses and help existing US business remain competitive with East Asia In Japan the government both during the Meiji period and the post World War II period followed a policy of active sector selective industrial targeting Japan used basically the same model during both historical periods The Japanese government would focus its tax incentive programs subsidies and RD on what it saw as emerging industries During the Meiji period Japan focused its attention on emulating western technology such as trains steel production and textiles The Meiji leaders took taxes levied on agriculture to fund the development of these new industries Following World War II Japanese industries used this same strategic industrial policy to develop the high-tech steel and car industries that Japan is known for today Some American industries are currently heavily supported by the government through subsidies and tax breaks to farmers steel producers and other industries that have been hurt by foreign competition because they are predominantly low-tech industries But this economic policy of the US is almost a complete reversal of the economic policies of Japan and the Four Little Tigers instead of fostering new businesses and
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