This work investigates the relationship between state intervention and economic performance in Japan, specifically questioning the efficacy of the 'developmental state' model. Yoshiro Miwa, a prominent economist, utilizes empirical data and institutional analysis to challenge prevailing theories regarding the role of the Ministry of International Trade and Industry (MITI) in Japan's post-war growth. The book argues that market mechanisms and private sector initiatives were more significant drivers of economic expansion than state-led industrial policy.

Scholars and economists frequently cite this text for its rigorous challenge to conventional wisdom regarding the Japanese economic miracle. The prose is dense and highly technical, making it a primary resource for researchers focusing on institutional economics and East Asian development.