A similar high-powered economic advisory body in 1986 produced a set of proposals -- known as the Maekawa report
, after its chairman -- for reducing Japan's swelling current-account surplus, in about eight months.
University of California, Berkeley, political scientist Chalmers Johnson, an authority on Japan's industrial policy, argues that not only has Japan "invented and put together the institutions of capitalism in new ways, ways that neither Adam Smith nor Karl Marx would recognize or understand,' but in the process it has created "not a success story but a supply-side monster.' Johnson also notes that the much-publicized Maekawa report
of April 1986, issued by a blue-ribbon commission of private citizens appointed by Prime Minister Yasuhiro Nakasone, acknowledged how skewed Japan's industrial policy has been and called for drastic reform.
''I want to draft a report by the end of this year that will go beyond the Maekawa report
produced during the government of Prime Minister Yasuhiro Nakasone,'' Hirotaro Higuchi, who has been tapped as chief of the government's strategic economic council, said in an interview with Kyodo News.
In an interview with Kyodo News on Tuesday, Higuchi said he is determined to prepare a report on economic reforms that will be more radical than a similar document known as the Maekawa report