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How has Japan's industrial strategy evolved over time

e. the military; and completely transformed and reformed another-.
             the zaibatsu. After the occupation the old zaibatsu were recreated on the basis of their banks rather than their former family holding companies.
             In 1945, SCAP (which exercised complete control of all exports and imports of goods and services as well as all foreign exchange transactions) directed the Japanese government to create a single government agency to account for and distribute the goods that SCAP itself imported into Japan and to receive and transfer all Japanese exports back to SCAP. This led to the creation of the Board of Trade (BOT). However this was loosely attached to the pre-war Ministry of Commerce and Industry (MCI) rather than the Foreign Ministry as the Americans preferred. .
             Later on in 1948, along with Douglas MacArthur's nine-point plan for economic stabilisation, the Japanese abolished both BOT and MCI to create the Ministry of International Trade and Investment (MITI) which was to later have great influence over Japanese industrial policy. During 1949 SCAP began a policy of transferring some of its own controlling and supervisory powers to the Japanese government. As a result of this the foreign control laws and a foreign exchange control board was set up. Although SCAP intended these laws to be temporary and to be gradually relaxed, these powers were passed on to MITI by 1952 and only gradually done away with in 1980. The powers of the economic bureaucrats thus grew to include control over all foreign exchange and imports of technology, which gave them the power to choose the industries for development by allocating foreign exchange as and when needed; the ability to dispense preferential financing above and beyond this, tax breaks and protection from foreign competition- which gave them the ability to lower the costs of the selected industry and finally the authority to order mergers and the creation of cartels and bank based conglomerates- which gave them the power to supervise competition.


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