For both the United States and Japan, the changing circumstances of the world economy since the 1970s have brought into sharp focus the need to restructure industry. This book, the outcome of a three-year joint project by American and Japanese economists, provides new insights into the subject of industrial restructuring. It compares U.S. and Japanese experiences, with perspectives from economic theory and from empirical analyses of anti-dumping, cartels, and resource allocation. Overviews of U.S. and Japanese policies are backed up by careful case studies of the adjustment experiences of selected troubled industries.