First published in 1991. In general, Japan's economic system is viewed as being capitalism, and there seems to be no room for doubting otherwise. If one glances at the many subsystems that form the Japanese economy's foundation, for example, such as private ownership of property, joint stock companies and well-developed markets, one is forced to conclude that yes, indeed, Japan belongs to the group of highly developed capitalist nations. Although not widely recognized yet, a new economic system has developed and been nurtured in Japan inside a shell of capitalism. The new system differs greatly from traditional capitalism, but that does not mean to say it has drawn close to socialism. Nor can the newness of this system be understood by viewing it as depending principally on either market or planning principles, or on the two in combination. This book discusses the new corporate system in specific terms, explaining how it differs from the system of orthodox capitalist corporations, in being both more progressive and more fitting for meeting the various conditions of contemporary industrial society. It also explains the circumstances, in the context of the new corporate system, that brought forth powerful corporations for which it is difficult to find comparisons in other countries.
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