An epochal change... but uncertain futures: The Japanese capitalism in crisis. A "regulationist" interpretation
This research summarizes the main findings of "Regulation" theory about the evolution of the Japanese economy since WWII and proposes an institutional interpretation of the crisis of the 90s. The company-ist compromise is the core of the whole institutional architecture via an original wage labour nexus, largely different from the American Fordist one. There is a clear hierarchy between the large corportation and sub-contractors. One observers a complementarity between the mode of governance of the firm and the main bank and finallybetween the industrial wselfare and the management of employment. A highly original "regulation" mode has allowed the implementation of a mass production and consumption economy, but this regime enters into crisis by its very success and this crisis is exacerbated by the impact of the financial bubble of the 90s. The paper surveys the transformation of the main institutional firms since the 90s and builds three scenarios based respectively upon: a large inertia of Japanese economic and political institutions; a quick adoption of typical market-led institutions under the pressure of financial market; or a new hybridization process that would concern banking and finance and not only the manufacturing industries, as was the case after WWII.
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- 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.
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- 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.
- Gordon, David M & Weisskopf, Thomas E & Bowles, Samuel, 1983. "Long Swings and the Nonreproductive Cycle," American Economic Review, American Economic Association, vol. 73(2), pages 152-57, May.
- Jacques Mazier & Angel Asensio, 1991. "Compétitivité, avantages coûts et hors-coûts et spécialisation," Revue d'Économie Industrielle, Programme National Persée, vol. 55(1), pages 84-107.
- Asanuma, Banri, 1989. "Manufacturer-supplier relationships in Japan and the concept of relation-specific skill," Journal of the Japanese and International Economies, Elsevier, vol. 3(1), pages 1-30, March.
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