By J. Abegglen
Japan's financial system and companies are coming into this century with new administration platforms yet their values unchanged. Drawing at the author's research of the Fifties, monetary structures, body of workers administration tools, function of the company and R&D services are re-assessed to supply a accomplished research of Japan's monetary and commercial alterations.
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Additional resources for 21st-Century Japanese Management: New Systems, Lasting Values
Japan’s long sustained high growth left a great many industries with a very large number of companies, many in fact low share and high cost, marginal in the business. As growth slows and demand drops, investment tends to continue with resulting overcapacity. Consolidation is required. It can be done through bankruptcy. It also can be done by constructive combinations of firms. In the words of the Bank of Japan, The industry that stands out most vividly in terms of consolidation of its excess capital is the materials industry.
Take the low skill, labor intensive jobs to them, rather than importing the laborers. This is not hollowing out; it is economic development as those economies benefit and Japan’s labor force is moved up to higher value-added work. True, an aging population poses problems – loss of vigor as younger people are fewer; costs of medical and pension care for the elderly; and lowered economic growth because of a shrinking population. However, and it seems often overlooked, mass immigration poses problems of even greater magnitude.
Banks throughout the decades of growth lent based on collateral, and as the value of collateral increased, so then did the scale of bank borrowing and of investment. These patterns reached levels of high hazard during the “bubble” period when land and share prices tripled and made possible explosive levels of debt and of investment – much of the investment indiscriminate in nature. Success has a price, and the bill for Japan’s economic success came due in the early 1990s. Capacity continued to increase – but demand flattened in what had become rather suddenly a rich and mature economy.