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MarketcraftHow Governments Make Markets Work$
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Steven K. Vogel

Print publication date: 2018

Print ISBN-13: 9780190699857

Published to Oxford Scholarship Online: February 2018

DOI: 10.1093/oso/9780190699857.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 November 2021

Marketcraft Japanese Style

Marketcraft Japanese Style

Why It’s So Hard to Craft a Liberal Market Economy

(p.77) 4 Marketcraft Japanese Style

Steven K. Vogel

Oxford University Press

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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