When any resource-scarce country reaches a stage of growth where resource-intensive heavy industry becomes a leading growth sector (and lifestyles turn increasingly energyconsuming), it is compelled to seek out resources overseas by making investments in project-specific infrastructure (and even...

Just over a decade ago, the phenomenal economic growth of Japan was admired and even feared. It had pursued a successful strategy of industry upgrading to catch up with the West, maximizing bank-based, state-directed financing. Ironically, the very institutional setup that was required for...