Marketcraft Japanese Style
Marketcraft Japanese Style
Why It’s So Hard to Craft a Liberal Market Economy
As the Japanese economy shifted from boom to bust after 1990, opinion leaders grew critical of the Japanese market system, calling for a dramatic shift toward the liberal market model of the United States. But what would it really take for Japan to “liberalize” its economy? This chapter argues that the Japanese government would have to do more, not less: it would have to build up the legal and regulatory infrastructure to support more competitive capital, labor, and product markets. This chapter reviews the core features of Japan’s postwar model and then examines market reforms since 1980 in labor relations, finance, corporate governance, antitrust, sector-specific regulation, and intellectual property rights. The final two sections present case studies of attempts at broader institutional change: Japan’s efforts to promote innovation along the lines of the Silicon Valley model and to spur the information technology revolution.
Keywords: Japan, finance, regulation, corporate governance, labor, antitrust, intellectual property, information technology
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