The Fable of the Keiretsu: Urban Legends of the Japanese Economy
  • The Fable of the Keiretsu: Urban Legends of the Japanese Economy
  • The Fable of the Keiretsu: Urban Legends of the Japanese Economy

The Fable of the Keiretsu: Urban Legends of the Japanese Economy

by Yoshiro Miwa, J. Mark Ramseyer
     
 

ISBN-10: 0226532704

ISBN-13: 9780226532707

Pub. Date: 07/03/2006

Publisher: University of Chicago Press

For Western economists and journalists, the most distinctive facet of the post-war Japanese business world has been the keiretsu, or the insular business alliances among powerful corporations. Within keiretsu groups, argue these observers, firms preferentially trade, lend money, take and receive technical and financial assistance, and cement their

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Overview

For Western economists and journalists, the most distinctive facet of the post-war Japanese business world has been the keiretsu, or the insular business alliances among powerful corporations. Within keiretsu groups, argue these observers, firms preferentially trade, lend money, take and receive technical and financial assistance, and cement their ties through cross-shareholding agreements. In The Fable of the Keiretsu, Yoshiro Miwa and J. Mark Ramseyer demonstrate that all this talk is really just urban legend.

In their insightful analysis, the authors show that the very idea of the keiretsu was created and propagated by Marxist scholars in post-war Japan. Western scholars merely repatriated the legend to show the culturally contingent nature of modern economic analysis. Laying waste to the notion of keiretsu, the authors debunk several related “facts” as well: that Japanese firms maintain special arrangements with a “main bank,” that firms are systematically poorly managed, and that the Japanese government guided post-war growth. In demolishing these long-held assumptions, they offer one of the few reliable chronicles of the realities of Japanese business.

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Product Details

ISBN-13:
9780226532707
Publisher:
University of Chicago Press
Publication date:
07/03/2006
Edition description:
New Edition
Pages:
181
Product dimensions:
6.00(w) x 9.00(h) x 0.80(d)

Table of Contents

Preface ix
Acknowledgements xi

1. Introduction 1
2. The Fable of Keiretsu 6
3. And of the Zaibatsu 38
4. The Myth of the Main Bank 61
5. And of Outside Directors 89
6. Legends of Government Guidance 115
7. The Cost of Kipling 147

Notes 161
References 165
Index 179

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