Historical Evolution

The Editors

Japanese Economy, 1996, vol. 24, issue 4, 7-12

Abstract: Japan has always been ruled top-down. The top changed a few times. In Japanese-style capitalism—which is alleged to have been perfected in the rapid-growth period of the 1960s—the top is the triad of national politics, the elite, the bureaucracy, and big businesses.In the subsequent slow-growth period, many economic changes have taken place, thereby transfirming various parts of Japan's economic system. These changes are related to rapid population aging, later marriages, and fewer children. For these reasons, the lifetime employment system is facing its demise. JapanS industrial structure is ready to shiji to more services and jewer goods.At the same time, Japan's financial sector is likely to be the most dominant one in the national economy. A systemic change is now called for, but so far no large changes seem to be forthcoming. How Japan will cope with it will determine Japan's future. At this time, Japan is truly at a crossroads.

Date: 1996
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DOI: 10.2753/JES1097-203X24047

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