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Miti

Formed in 1949 from ‘the merging of the Trade Agency and the Ministry of Commerce and Industry, the Ministry of International Trade and Industry (MITI) was developed to transform Japan into a leading world exporter (Ministry of International Trade and Industry, 2001). It aimed to curb postwar inflation and provide government assistance for the restoration of industrial productivity (Ministry of International Trade and Industry, 2001). MITI was responsible for not only Japans imports and exports but also its domestic industries. For years MITI persevered in achieving the best possible Japanese economy. It was so well recognized that the countries leaders were expected to work for the agency at some stage before moving into the post of prime minister.  
Opinions on the effect of MITI on the Japanese economy are conflicting. Being claimed as ‘one of the most powerful agencies in the Japanese government’ some admired its influences, others decried its interference (Asia: Metimorphosis; Japan, 2005). As the ‘miracle’ of Japan’s economic growth was recognized, people began to question how the economy could grow so quickly, and soon saw the hidden faults. The burst of the miracle bubble saw the end of MITI in 2001 when its role was taken over by a new agency, the Ministry of Economy, Trade and Industry’ (METI).
Although many would say that the Ministry of International Trade and Industry (MITI) caused many problems in the Japanese economy, there is much evidence that it played quite a positive and influential role during its reign.
Many policies were put in place by MITI to boost the economy quickly and boost it did. From 1952 to 1991 Japans real gross national product (GNP) grew at an average rate of 6.8 percent per year. This in contrast with the United States GNP which grew at an average rate of only 2.9 percent per year is seen as quite an achievement (Henderson, D 2005). MITI is not the sole reason for this high percent but with its influence over the economy...