Abstract
This paper shows how the Japanese variant of indicative planning has dealt with the oil crisis. Goals for leading export industries and for income distribution have been promoted through “administered competition” (a key policy in the strong economic growth of the 1960s) and pricing policies (including selective controls). The “price-bargaining” mechanism (aided by sociopolitical forces) has proved effective in oil products, even under floating exchange rates. One noteworthy policy alteration is the encouragement of sales in Japan by large foreign oil companies but under constraints that tie their interests more closely to those of Japan.
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