e development and implementation of industrial policy is no exception. The Ministry of Trade and Industry makes effective use of inducements to industry to reinforce consensus behavior (Wilson, 1985, p. 121). These policies apply to the country's steel industry. Industrial targeting plays a major role in Japan's industrial policy with respect to major industries such as the steel industry. Japan relies primarily on tax incentives to support targeted industries. Japanese industrial policy seeks to provide assistance to industry at two critical stages of the life cycle. First, in the introductory stage, when the industry is new and growing, and second, in the mature stage, when the industry faces increased foreign competition, and risks losing its competitive advantage (Wilson, 1985, p. 127). The Japanese steel industry is a mature industry that is benefiting from this policy.
Korea's industrial policy provides several incentives for manufacturing firms, including steel firms. Among these incentives are tax reductions, ready access to
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