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The Future of Chinese Capitalism: Choices and ChancesChoices and Chances$
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Gordon Redding and Michael A. Witt

Print publication date: 2010

Print ISBN-13: 9780199575879

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199575879.001.0001

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(p.168) 11 Japan
The Future of Chinese Capitalism: Choices and Chances

Gordon Redding

Michael A. Witt

Oxford University Press

This chapter describes Japan-style capitalism. The Japanese business system constitutes to the one known example of what the literature calls ‘coordinated capitalism’, although it has a close cousin in the collaborative form of capitalism typical of much of European business. Key themes include employee-centric stakeholder value, delegation, and interdependence within the enterprise, firm-specific skills, as well as societal coordination and structural inertia. Japanese capitalism produces comparative advantages mainly in industries requiring incremental innovation. The comparative advantage in machinery and equipment is also considerable. It is difficult to see how any of the key themes of the Japanese business system might work in the Mainland Chinese context.

Keywords:   Japan, capitalism, business system, employee-centric stakeholder value, delegation, interdependence, firm-specific skills, societal coordination, structural inertia, comparative advantage

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