The Ministry of Finance: Bureaucratic Practices and the Transformation of the Japanese Economy

Overview

Japan's economy, once the envy of the world, has recently experienced a period of malaise and stagnation. This is due in part to over-regulation and resistance to change within the Japanese bureaucracy. Many argue that this bureaucracy must be replaced with a system similar to that in the United States, involving ruthless competition, fluid job markets unhindered by notions of lifetime employment, tolerance of business failures, and the elevation of conflict over consensus in economic decision making. The author ...

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Overview

Japan's economy, once the envy of the world, has recently experienced a period of malaise and stagnation. This is due in part to over-regulation and resistance to change within the Japanese bureaucracy. Many argue that this bureaucracy must be replaced with a system similar to that in the United States, involving ruthless competition, fluid job markets unhindered by notions of lifetime employment, tolerance of business failures, and the elevation of conflict over consensus in economic decision making. The author argues that not only will the bureaucracy, in the form of the Ministry of Finance, retain its position, it will also evolve to be more consistent with the transformed economic system allowing the Japanese economy to recover and retain its important role in the global economy.

The book details the history of the Ministry of Finance and Japan's financial markets since World War II. It describes the economic crisis in Asia and Japan's attempts to transform its bureaucracy to better compete in the global arena. Economists, business practitioners, trade specialists, and anyone interested in Japan's role in the world economy will find this lucid and detailed book an invaluable resource.

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Editorial Reviews

Booknews
Analyzes bureaucratic behavior in the Japanese economy, drawing on interviews with some 100 politicians, bureaucrats, central bank officials, and industry participants. Details the history and influence of the Ministry of Finance and its relationship to the private sector, and looks at the Securities Bureau and the securities industry, the Banking Bureau and the banking industry, the Daiwa Bank scandal, the role of bureaucrats and politicians, and reform. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9781567202304
  • Publisher: Greenwood Publishing Group, Incorporated
  • Publication date: 1/30/1999
  • Pages: 288
  • Lexile: 1180L (what's this?)
  • Product dimensions: 6.36 (w) x 9.54 (h) x 1.06 (d)

Meet the Author

J. ROBERT BROWN, JR. is a Professor of Law at the University of Denver College of Law.

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Table of Contents

Preface
Acknowledgments
1 Overthrowing the Past 1
I Bureaucratic Practices 15
2 Inside the Ministry of Finance 17
3 The Ministry of Finance and the Private Sector 32
II Management of the Financial Markets 47
4 The Postwar Financial System 49
5 The End of the Postwar Financial System 60
6 Too Close for Comfort: The Securities Bureau and the Securities Industry 71
7 Bailout: The Banking Bureau and the Banking Industry 93
8 The Problem of Informal Relations: The Daiwa Bank Scandal 112
9 Lessons Learned: Secrecy and the Bailout of the Jusen 129
III Bureaucrats, Politicians and the Budget 147
10 The Budget and the Bureaucracy 149
11 The Political Role of Bureaucrats 160
12 The Bureaucratic Role of Politicians 171
13 The Forms of Political Intervention: Cooperation, Consensus and Conflict 181
14 The National Interest: Politicians, Bureaucrats and the Consumption Tax 193
IV Reform 213
15 The Inevitability of Administrative Reform 215
16 Retribution and Reform 222
17 The Endgame: Transforming the Ministry of Finance 229
Notes 245
Interviews 255
Bibliography 259
Index 263
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