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Japan triumph in its economic endeavours by providing benevolent guidance and pinpointing specific industry to grow, the gross success of such policy seemingly upholding the belief of Japan’s interventionist state and industrial policy. While mainstream economics are advocating the benefits of free market it brings along, the success of Japan’s industrial policy, or at least that made certain industry succeeded, is gearing up and deserves attention. The success of Toyota provides an example of an industry that grew under the arm of government support, the gigantic company has now gained independence and opt out of government involvement. As such, criticism argued that industrial policy is no longer a frame of reference that offers very little to envy. This section will therefore investigate the role of state of Japanese government in the progress of industrial growth and its pros and cons. After the World War II in 1950s and 1960s, the Japanese government devised its primary resources into industry deemed to be competitive in the global marketplace that contains the component of high value added to the economy. Such overarching priority has included automobile industry because of its interdependence with a whole range of industry in the provision of parts. ‘Operating on the premise that the development of the automobile industry could serve as a model for industrial expansion in other sectors as well, the government thus granted the automobile industry a key position in the development of Japan's industrial infrastructure’ Indeed, it is plausible to encourage the development of automotive industry given the lack of natural resources and affinity with other industries set out the framework of the unique economic structure- Keirestu. Keirestu is a Japanese term which denotes a group of firms holding shares of each other and work for the mutual benefit of each member. Such industrial policy is an initiative of MITI (Ministry of International Trade and Industry) in promoting efficiency and productivity of Japanese firms. Toyota, at its initial stage of development and continuing to be the case, espoused vertical Keirestu in integrating a pyramid of suppliers, component manufacturer and retailers (White 1997; my paper) as an effective means of culminating the automotive industry and has significant ramifications to the development of industry. In such, the Toyota Production System is built partly on the foundation of Keirestu in ensuring the consistency along the supply chain that would reduce the cost for storing inventory but also internalise the transaction cost among the members.
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