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Evolution of Economic Systems: The Case of Japan

In: The Institutional Foundations of East Asian Economic Development

Author

Listed:
  • Tetsuji Okazaki

    (Tokyo University)

  • Masahiro Okuno-Fujiwara

    (Tokyo University)

  • Avner Greif

    (Stanford University)

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

Suggested Citation

  • Tetsuji Okazaki & Masahiro Okuno-Fujiwara & Avner Greif, 1998. "Evolution of Economic Systems: The Case of Japan," International Economic Association Series, in: Yujiro Hayami & Masahiko Aoki (ed.), The Institutional Foundations of East Asian Economic Development, chapter 15, pages 482-525, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26928-0_15
    DOI: 10.1007/978-1-349-26928-0_15
    as

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