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Evolution of Economic Systems: The Case of Japan

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Author Info
Okazaki, Tetsuji (Faculty of Economics, University of Tokyo.)
Masahiro Okuno-Fujiwara (Faculty of Economics, University of Tokyo.)

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Abstract

In this paper we shall provide a theoretical overview of what we are the main sources of their evolution and what are the chief implications of focusing around institutions and economic systems. For the former, we identify innovation, adaptation for environmental changes, international interactions and coordination as main sources. For the latter, we distinguish two different mechanisms to enforce cooperation; trust-based and authority-based mechanisms. We shall then apply this theoretical framework to evolution of the Japanese economic system starting late nineteenth century. The Japanese economic system started rapid evolution through integrating Western institutions with traditional community-based institutions. Although this hybrid system endogenously evolved toward pure authority-based system in prewar period, this evolutionary path came to a turning point in 1940's. Investments made by employees, bank and firm, and inter-firm relationships during the WWII and not only been sunk but also decreased the value of outside options for the members who took part in these relationships. Those investments became a basis for the evolution of quasi community-based institutions in the postwar Japan.

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Publisher Info
Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number 97-F-18.

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Length: 62 pages
Date of creation: May 1997
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Handle: RePEc:tky:fseres:97f18

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kandori, Michihiro, 1992. "Social Norms and Community Enforcement," Review of Economic Studies, Blackwell Publishing, vol. 59(1), pages 63-80, January. [Downloadable!] (restricted)
  2. Avner Greif, . "Micro Theory and Recent Developments in the Study of Economic Institutions Through Economic History," Working Papers 96001, Stanford University, Department of Economics. [Downloadable!]
  3. Ellison, Glenn, 1993. "Learning, Local Interaction, and Coordination," Econometrica, Econometric Society, vol. 61(5), pages 1047-71, September. [Downloadable!] (restricted)
  4. Aoki, Masahiko, 1994. "The Contingent Governance of Teams: Analysis of Institutional Complementarity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(3), pages 657-76, August. [Downloadable!] (restricted)
  5. Gilboa, Itzhak & Schmeidler, David, 1995. "Case-Based Decision Theory," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 605-39, August. [Downloadable!] (restricted)
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  6. Okuno-Fujiwara Masahiro & Postlewaite Andrew, 1995. "Social Norms and Random Matching Games," Games and Economic Behavior, Elsevier, vol. 9(1), pages 79-109, April. [Downloadable!] (restricted)
  7. Aoki Masahiko, 1995. "An Evolving Diversity of Organizational Mode and Its Implications for Transitional Economies," Journal of the Japanese and International Economies, Elsevier, vol. 9(4), pages 330-353, December. [Downloadable!] (restricted)
  8. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January. [Downloadable!] (restricted)
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  9. Bendor, Jonathan & Mookherjee, Dilip, 1990. "Norms, Third-Party Sanctions, and Cooperation," Journal of Law, Economics and Organization, Oxford University Press, vol. 6(1), pages 33-63, Spring.
  10. Krugman, Paul, 1991. "History versus Expectations," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 651-67, May. [Downloadable!] (restricted)
  11. Matsui, A. & Okuno-Fujiwara, M., 1997. "Evolution and Interaction of Social Norms," Papers 450, Osaka - Institute of Social and Economic Research.
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  12. Okazaki Tetsuji, 1993. "The Japanese Firm under the Wartime Planned Economy," Journal of the Japanese and International Economies, Elsevier, vol. 7(2), pages 175-203, June. [Downloadable!] (restricted)
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Cited by:
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  1. Masahiko Aoki, . "The Evolution of Organizational Conventions and Gains from Diversity," Working Papers 97032, Stanford University, Department of Economics. [Downloadable!]
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