Corporate Capitalism in Japan (Classics in the History and Development of Economics)

In characterizing the Japanese way of business, Professor Okumura has made one of the most significant contributions to the study of economics. Following his study of the conversion of pre-war zaibatsu to post-war groups of enterprises, he investigates the roll of comprehensive trading companies in these groups, the main banking system and the permanent employment system. However, he has been very critical of this way of business, whereas those influenced by him have enthusiastically propagated his theory without reservation. This is the first English translation of his work. Cover......Page 1 Contents......Page 6 General Editor's Foreword......Page 10 Introduction: Banking and Industry in Japan......Page 12 Author's Preface (1983)......Page 60 PART I: WHAT IS CORPORATE CAPITALISM?......Page 64 'The company state'......Page 66 Companies and culture......Page 69 The 'companisation' of education......Page 72 The abnormal growth of company consciousness......Page 74 Organisations and people......Page 76 Loyalty to the company......Page 78 'The status of the company' and 'the status of the human being'......Page 81 Japanese-style management......Page 84 Internalising into the company......Page 87 The utility of the fiction of the corporate person......Page 90 PART II: THE JAPANESE COMPANY......Page 96 The dispersal of the private shareholder......Page 98 The phenomenon of 'corporatisation'......Page 100 The significance of companies owning shares in companies......Page 103 Mutual shareownership......Page 105 Institutional ownership and corporate ownership......Page 107 The erosion of dividends......Page 111 Dividend policy in Japan......Page 113 Why dividends do not increase......Page 115 The share price mechanism......Page 118 Demand, supply and share prices......Page 120 Growth in the practice of issuing shares at market price......Page 121 Exploiting high share prices......Page 124 The joint-stock company and takeovers......Page 127 The safe shareholder strategy......Page 129 Cornering shares: the Japanese way......Page 131 'Companism' and the prevention of takeovers......Page 133 PART III: MANAGERS......Page 138 An invisible structure......Page 140 The power structure of the business community......Page 142 Managers of large firms......Page 144 Large private shareowners......Page 146 From private capitalism to corporate capitalism......Page 148 The structure of top management in Japan......Page 151 Relationship with shareholders......Page 154 Managers and share prices......Page 155 Promoting managers from within......Page 158 Managers as workers' representatives?......Page 160 Employee participation in management......Page 161 The basis of managerial authority......Page 164 Control based on corporate shareholders......Page 165 Representative of the company......Page 166 Representative directors......Page 168 Who determines management?......Page 171 Who becomes manager?......Page 172 A manager's wealth and income......Page 174 PART IV: RELATIONS BETWEEN FIRMS......Page 178 Problems with the inter-firm relationship theory......Page 180 Trading between firms in Japan......Page 181 The theory behind trade among firms......Page 183 The factors making relationship rigid......Page 185 Theory on mutual trade......Page 188 Japan's reciprocal business......Page 190 Trading within the industrial group......Page 192 Mutual shareholdings......Page 193 Elements which support 'companism'......Page 194 Externalisation by large firms......Page 196 The realities of industry's keiretsu......Page 197 The aim of forming a keiretsu......Page 198 The tools of the keiretsu......Page 200 Logic of externalisation......Page 201 Trade friction......Page 204 The Japanese government's response......Page 205 Opposition to financial liberalisation......Page 207 Competition among firms......Page 209 Relationships between companies......Page 212 Anti-monopoly law......Page 214 Japan's large corporation systems......Page 216 Regulation of mutual shareholding......Page 218 C......Page 222 E......Page 223 I......Page 224 M......Page 225 P......Page 226 S......Page 227 Z......Page 228 In characterising the Japanese way of business, Professor Okumura has made one of the most significant contributions to the study of economics. Following his study of the conversion of prewar zaibatsu to postwar groups of enterprises, he worked on the roll of comprehensive trading companies in these groups, the main banking system and the permanent employment system. However, he is very critical of this way of business, whereas those influenced by him are enthusiastic in its appreciation. This is the first English translation of his work. In characterizing the Japanese way of business, Hiroshi Okumura has made one of the most significant contributions to the study of economics. Following his study of the conversion of pre-war zaibatsu to post-war groups of enterprises, he worked on the role of comprehensive trading companies in these groups, the main banking system and the permanent employment system.
'...An excellent contribution.' - Kiyoshi Kawahito, Pacific Affairs