Evolution of Economic Systems: The Case of Japan

Tetsuji Okazaki, Masahiro Okuno-Fujiwara and Avner Greif
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Tetsuji Okazaki: Tokyo University
Masahiro Okuno-Fujiwara: Tokyo University
Avner Greif: Stanford University

Chapter 15 in The Institutional Foundations of East Asian Economic Development, 1998, pp 482-525 from Palgrave Macmillan

Abstract: Abstract Recent rapid economic developments in East Asia generated an interest in the institutional foundation of economic systems in this area. Many believe that the Japanese economic system, characterized by its own human resource practices, corporate governance, and inter-firm and government — business relationships, is different from its Western counterparts, especially those of the United States and Great Britain. Similarly, many argue that one of the crucial factors behind East Asia’s recent economic performance is the close family ties of Chinese culture. All of these economies also seem to be characterized by the government’s tight grip over the private sector. Together with the emergence of new analytical tools that are capable of analyzing incentives and informational problems — game theory, information economics, incentive theory, contract theory — these experiences naturally intensify theoretical interest in the role of institutions and economic systems.2

Keywords: Nash Equilibrium; Corporate Governance; Capital Market; Economic System; Community Norm (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-26928-0_15

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DOI: 10.1007/978-1-349-26928-0_15

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