Shareholder capitalism comes to Japan

Ronald Dore

The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics from TUT Ragnar Nurkse Department of Innovation and Governance

Abstract: The current debate about corporate governance in Japan revolves around two axes. First, the nationalist axis sets the desirability of introducing changes seen as conforming to global (i.e., American) standards against the desirability of preserving valuable elements of Japanese tradition. Second,the class axis, which is about framing the law to give pre-eminent consideration to the interests of owners vis-à-visthe retention of substantial rights for employees. In the former dimension, Enron and World Com have led to some reversal of Americanising trends, but the shift in institutions and establishment ideology on the second dimension has been, and continues to be, one way – emphasising the power and interests of shareholders. It is no exaggeration to say that a quiet shareholder revolution has taken place in Japan.

Pages: 11 pages
Date: 2007-01
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