TY - CHAP
T1 - Continuity and Change in the Japanese Economy
T2 - Evidence of Institutional Interactions between Financial and Labour Markets
AU - Sako, Mari
AU - Kotosaka, Masahiro
PY - 2012/9/20
Y1 - 2012/9/20
N2 - The political economy of Japan has been characterized by tightly knit institutions of relational coordination such as the main bank system, lifetime employment, long-term supplier relations in intermediate product markets, and neo-corporatist business-labour-government relations in policymaking. By the late 1990s, however, diverse patterns of organizing have become evident, with the growth of new stock exchanges and venture capital, the development of atypical forms of employment alongside lifetime employment, and the breakdown of the coordinated Shunto wage bargaining system. This chapter examines the nature of institutional change and continuity in the Japanese economy. It presents a framework for analysing institutional change in a specific direction towards liberalization. This is used to examine the nature of institutional changes in capital markets and labour markets separately, before analysing interactions between these two market institutions. Institutional change is much more extensive in labour markets than in capital markets, and that the interaction between the two institutional domains has been somewhat limited.
AB - The political economy of Japan has been characterized by tightly knit institutions of relational coordination such as the main bank system, lifetime employment, long-term supplier relations in intermediate product markets, and neo-corporatist business-labour-government relations in policymaking. By the late 1990s, however, diverse patterns of organizing have become evident, with the growth of new stock exchanges and venture capital, the development of atypical forms of employment alongside lifetime employment, and the breakdown of the coordinated Shunto wage bargaining system. This chapter examines the nature of institutional change and continuity in the Japanese economy. It presents a framework for analysing institutional change in a specific direction towards liberalization. This is used to examine the nature of institutional changes in capital markets and labour markets separately, before analysing interactions between these two market institutions. Institutional change is much more extensive in labour markets than in capital markets, and that the interaction between the two institutional domains has been somewhat limited.
KW - Business-labour-government nexuses
KW - Capital markets
KW - Employment relations
KW - Institutional changes
KW - Japan
KW - Labour markets
KW - Market liberalization
KW - Venture capital
UR - http://www.scopus.com/inward/record.url?scp=84919855448&partnerID=8YFLogxK
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U2 - 10.1093/acprof:oso/9780199643097.003.0007
DO - 10.1093/acprof:oso/9780199643097.003.0007
M3 - Chapter
AN - SCOPUS:84919855448
SN - 9780199643097
BT - East Asian Capitalism
PB - Oxford University Press
ER -