$40 billion in 1979.
Industrial policy's promoters are wrong not only about the United States, Schultze says, but about Japan as well. They attribute Japan's postwar economic "miracle" to deft coordination of industry Tokyo's Ministry of International Trade and Industry (MITI). But if that is so, Schultze says, MITI has lost its touch: Japan's gross national product grew at a vigorous 9.9 percent annual rate from 1960 to 1973 but has averaged only 3.5 percent since.
In fact, writes Schultze,...