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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 29 October 2020

The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan

The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan

(p.338) (p.339) The Proper Role of Bureaucracy in a Modern Market Economy: The Case of Japan
Corporate Governance in Context

Christian Kirchner

Oxford University Press

This chapter shows that determining the proper role of bureaucracy in a market economy is a problem which should not be solved by simply applying universally the tools of neo-classical economic analysis. It demonstrates that meaningful proposals require an in-depth analysis of the institutional framework of the country under review. A new institutional economics approach is helpful in identifying the crucial issues of regulatory reform. In the case of Japan, regulatory reform is more than enhancing the efficiency of existing mechanisms. A structural reform of the political system appears to be a necessary step in order to reach the goals of regulatory reforms.

Keywords:   regulatory reform, bureaucracy, market economy, institutional framework, institutional economics

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