Economic crisis tends to spur change in the 'rules of the game' -
the 'institutions' - that govern the economic activity of firms and
employees. But after more than a decade of economic pain following
the burst of the Japanese Bubble Economy of the 1980s, the core
institutions of Japanese capitalism have changed little. In this
systematic and holistic assessment of continuity and change in the
central components of Japanese capitalism, Michael A. Witt links
this slow institutional change to a confluence of two factors: high
levels of societal co-ordination in the Japanese political economy,
and low levels of deviant behaviour at the level of individuals,
firms, and organizations. He identifies social networks permeating
Japanese business as a key enabler of societal co-ordination and an
obstacle to deviancy, and sheds light on a pervasive but previously
under-explored type of business networks, intra-industry loops.
Includes a foreword by Gordon Redding.
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