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The Problem Of Regional "Hollowing Out" In Japan : Lessons For Regional Industrial Policy

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Author Info

  • Cowling, Keith

    (Department of Economics, University of Warwick)

  • Tomlinson, Philip R.

    (School of Management, University of Bath)

Abstract

This paper considers the problems of "hollowing out" using a Case Study of Japan's machinery sector. In doing so, it explores the roots of the present crisis by focusing upon the role played by Japan's large transnational corporations. This is important because these corporations are the "central actors" within the Japanese economy and they control a significant proportion of Japanese manufacturing. It is their strategic decisions - those that determine the level and location of investment, employment and output - which ultimately shape the development path for Japanese industry (see Cowling and Sugden, 1994, 1998). In recent years, Japan’s large transnationals have become engaged in the process of elite globalisation, pursuing their own interests at the expense of domestic Japanese industry. This is a fundamental insight that is crucial for designing appropriate policy responses to arrest Japan's current industrial decline. It is argued that the lessons from Japan's experience might guide policymakers in other regions, such as Wisconsin, who are concerned with future industrial development, the effects of globalisation and problems of "hollowing out".

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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 625.

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Length: 33 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:wrk:warwec:625

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Related research

Keywords: Machinery sector ; strategic-decision making ; strategic failure ; industrial policy.;

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References

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  1. Keith Cowling & Philip Tomlinson, 2002. "Revisiting the Roots of Japan's Economic Stagnation: The role of the Japanese corporation," International Review of Applied Economics, Taylor and Francis Journals, vol. 16(4), pages 373-390.
  2. Aoki, Masahiko, 1990. "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 1-27, March.
  3. Cowling, Keith & Tomlinson, Philip R, 2000. "The Japanese Crisis--A Case of Strategic Failure?," Economic Journal, Royal Economic Society, vol. 110(464), pages F358-81, June.
  4. Pitelis, Christos, 1996. "Effective Demand, Outward Investment and the (Theory of the) Transnational Corporation: An Empirical Investigation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(2), pages 192-206, May.
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Cited by:
  1. Joost van Acht & Joop Stam & Roy Thurik & Ingrid Verheul, 2004. "Business Ownership and Unemployment in Japan," Tinbergen Institute Discussion Papers 04-036/3, Tinbergen Institute.
  2. Jacques Poot & Anna Strutt, 2010. "International Trade Agreements and International Migration," The World Economy, Wiley Blackwell, vol. 33(12), pages 1923-1954, December.
  3. Joost van Acht & Joop Stam & Roy Thurik & Ingrid Verheul, 2004. "Business Ownership and Unemployment in Japan," Papers on Entrepreneurship, Growth and Public Policy 2004-09, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  4. Keith Cowling & Philip Tomlinson, 2002. "Revisiting the Roots of Japan's Economic Stagnation: The role of the Japanese corporation," International Review of Applied Economics, Taylor and Francis Journals, vol. 16(4), pages 373-390.

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