John Child, David Faulkner, and Robert Pitkethly
- Published in print:
- 2003
- Published Online:
- September 2007
- ISBN:
- 9780199267101
- eISBN:
- 9780191716706
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199267101.001.0001
- Subject:
- Business and Management, International Business
The book addresses the different ways in which foreign companies acquire, integrate, and manage UK companies and their post-acquisition performance. It is based on research comprising case studies on ...
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The book addresses the different ways in which foreign companies acquire, integrate, and manage UK companies and their post-acquisition performance. It is based on research comprising case studies on forty company visits and interviews, and a survey questionnaire on post-acquisition management completed by over 200 companies. The first five chapters review post-acquisition performance and the changes in management practice introduced by acquirers of different nationality. The scale and scope of M&A is examined, followed by research into post-acquisition performance. The disappointing performance of acquisitions is noted, and knowledge about post-acquisition management reviewed. Chapter 4 discusses the debate over the relative significance of national management practices and international norms of practice. Chapter 5 compares management practices of the five countries from which the acquirers in this book originate. A further chapter describes the research scope and methods. Seven chapters then present the results of the study. They indicate that while considerable convergence in management practice is occurring, national management styles still exist among acquiring companies from the UK, USA, Japan, France, and Germany. Furthermore, although some policies are generally associated with better post-acquisition performance, no one national approach is more successful if it is implemented with confidence, determination, and consistency. Failure tends to follow from a lack of these qualities, rather than the ‘wrong’ management style. The book concludes with the findings of the research and relates them to the issues of theory and practical policy in the early chapters.Less
The book addresses the different ways in which foreign companies acquire, integrate, and manage UK companies and their post-acquisition performance. It is based on research comprising case studies on forty company visits and interviews, and a survey questionnaire on post-acquisition management completed by over 200 companies. The first five chapters review post-acquisition performance and the changes in management practice introduced by acquirers of different nationality. The scale and scope of M&A is examined, followed by research into post-acquisition performance. The disappointing performance of acquisitions is noted, and knowledge about post-acquisition management reviewed. Chapter 4 discusses the debate over the relative significance of national management practices and international norms of practice. Chapter 5 compares management practices of the five countries from which the acquirers in this book originate. A further chapter describes the research scope and methods. Seven chapters then present the results of the study. They indicate that while considerable convergence in management practice is occurring, national management styles still exist among acquiring companies from the UK, USA, Japan, France, and Germany. Furthermore, although some policies are generally associated with better post-acquisition performance, no one national approach is more successful if it is implemented with confidence, determination, and consistency. Failure tends to follow from a lack of these qualities, rather than the ‘wrong’ management style. The book concludes with the findings of the research and relates them to the issues of theory and practical policy in the early chapters.
Gary Herrigel
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199557738
- eISBN:
- 9780191720871
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557738.003.0098
- Subject:
- Business and Management, Political Economy
The chapter introduces the core arguments of part one. It outlines how the argument for creative action and recomposition in the postwar history of the steel industry in the US, Germany and Japan ...
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The chapter introduces the core arguments of part one. It outlines how the argument for creative action and recomposition in the postwar history of the steel industry in the US, Germany and Japan undermines the view, developed by the Varieties of Capitalism school of institutionalism, that countries have comparative institutional advantages in international industrial competitionLess
The chapter introduces the core arguments of part one. It outlines how the argument for creative action and recomposition in the postwar history of the steel industry in the US, Germany and Japan undermines the view, developed by the Varieties of Capitalism school of institutionalism, that countries have comparative institutional advantages in international industrial competition
Andrew Glyn
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199226795
- eISBN:
- 9780191710544
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199226795.001.0001
- Subject:
- Economics and Finance, Economic Systems
After a turbulent century of unprecedented social and technological change, capitalism has emerged as the dominant ideology and model for economic growth in the richest, most developed countries. But ...
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After a turbulent century of unprecedented social and technological change, capitalism has emerged as the dominant ideology and model for economic growth in the richest, most developed countries. But only thirty years ago economic growth was faltering, inflation rising, and the Left were arguing for greater state intervention in industry. How did this transformation happen? And what price have we paid in the process? This book provides a history of the problems facing the economies of Europe, Japan, and the US during the latter half of the 20th century, and questions whether capitalism has really brought the levels of economic growth and prosperity that were hoped for. The book then looks at the impact the rapidly developing economies of China and the South are likely to have on the older economies of the North. As the race is on to maintain growth and protect competitive advantage, the book asks: is the ‘race-to-the bottom’ inevitable, with welfare states being dismantled to meet competitive demands? Or is there an alternative model that sees a strong commitment to welfare provision as essential to economic growth? Can we afford not to tackle inequality at home as well as abroad?Less
After a turbulent century of unprecedented social and technological change, capitalism has emerged as the dominant ideology and model for economic growth in the richest, most developed countries. But only thirty years ago economic growth was faltering, inflation rising, and the Left were arguing for greater state intervention in industry. How did this transformation happen? And what price have we paid in the process? This book provides a history of the problems facing the economies of Europe, Japan, and the US during the latter half of the 20th century, and questions whether capitalism has really brought the levels of economic growth and prosperity that were hoped for. The book then looks at the impact the rapidly developing economies of China and the South are likely to have on the older economies of the North. As the race is on to maintain growth and protect competitive advantage, the book asks: is the ‘race-to-the bottom’ inevitable, with welfare states being dismantled to meet competitive demands? Or is there an alternative model that sees a strong commitment to welfare provision as essential to economic growth? Can we afford not to tackle inequality at home as well as abroad?
Steven Heine
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780195135862
- eISBN:
- 9780199834297
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195135865.001.0001
- Subject:
- Religion, Buddhism
Opening a Mountain is a translation with a commentary of 60 koan cases that feature an important supernatural or ritual element selected from a variety of the major and minor Zen ...
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Opening a Mountain is a translation with a commentary of 60 koan cases that feature an important supernatural or ritual element selected from a variety of the major and minor Zen Buddhist koan collections compiled in Sung China and Kamakura Japan. The koan is a brief, enigmatic anecdote or dialog between two contesting parties that defines the heart. The book demonstrates that the main theme underlying much of the koan literature deals with how Zen masters opened or transformed mountains. The transforming of spiritual forces that had been closing off the mountains into manifestations of sacred space in Zen was referred to as kuai‐shan in Chinese (or kaizan in Japanese). The mountains harbored spirits, demons, and bodhisattvas, as well as hermits, recluses, ascetics, and other irregular practitioners, and were opened using the symbols and rituals of spiritual purification. In contrast with conventional interpretations that view koans as psychological exercises with a purely iconoclastic intention, the approach here highlights the rich component of mythological and marvelous elements that pervade this genre of literature in a way that complements, rather than contradicts, the demythological or iconoclastic perspective. This approach to interpreting Zen literature is distinctive and innovative in several respects. Opening a Mountain includes the selection of koan cases emphasizing supernatural symbols, such as mountains, animals, and other natural imagery, based on a scholarly standard of translation and citation of source materials. The main topics include “Surveying Mountain Landscapes,” “Contesting with Irregular Rivals,” “Encountering Supernatural Forces,” “Wielding Symbols of Authority,” and “Giving Life and Controlling Death as Confessional Experiences.”Less
Opening a Mountain is a translation with a commentary of 60 koan cases that feature an important supernatural or ritual element selected from a variety of the major and minor Zen Buddhist koan collections compiled in Sung China and Kamakura Japan. The koan is a brief, enigmatic anecdote or dialog between two contesting parties that defines the heart. The book demonstrates that the main theme underlying much of the koan literature deals with how Zen masters opened or transformed mountains. The transforming of spiritual forces that had been closing off the mountains into manifestations of sacred space in Zen was referred to as kuai‐shan in Chinese (or kaizan in Japanese). The mountains harbored spirits, demons, and bodhisattvas, as well as hermits, recluses, ascetics, and other irregular practitioners, and were opened using the symbols and rituals of spiritual purification. In contrast with conventional interpretations that view koans as psychological exercises with a purely iconoclastic intention, the approach here highlights the rich component of mythological and marvelous elements that pervade this genre of literature in a way that complements, rather than contradicts, the demythological or iconoclastic perspective. This approach to interpreting Zen literature is distinctive and innovative in several respects. Opening a Mountain includes the selection of koan cases emphasizing supernatural symbols, such as mountains, animals, and other natural imagery, based on a scholarly standard of translation and citation of source materials. The main topics include “Surveying Mountain Landscapes,” “Contesting with Irregular Rivals,” “Encountering Supernatural Forces,” “Wielding Symbols of Authority,” and “Giving Life and Controlling Death as Confessional Experiences.”
Ian Clark
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199297009
- eISBN:
- 9780191711428
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199297009.003.0005
- Subject:
- Political Science, International Relations and Politics
This is the exceptional case in that the proposal to include a racial equality clause in the League Covenant was rejected. On the other hand, this is another case where the norm was supported by a ...
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This is the exceptional case in that the proposal to include a racial equality clause in the League Covenant was rejected. On the other hand, this is another case where the norm was supported by a leading state (Japan), in conjunction with a wider world society movement. The drafting history casts doubts on Japanese motives for pressing the proposal, but the failure reflects the relative weakness of Japan as a normative sponsor. While opposition to the clause certainly came from Britain, in response to pressure from parts of the empire, President Wilson's own position was ambiguous, and he certainly was not prepared to risk the Treaty of Versailles (and the League Covenant) to include it. There was a widespread pressure to hold a Pan-African Congress at Paris to coincide with the settlement. However, the Japanese delegate Baron Makino expressed a number of interesting normative arguments in support of the clause, appealing to the blurring of the distinction between international and world society brought about by the principle of collective security.Less
This is the exceptional case in that the proposal to include a racial equality clause in the League Covenant was rejected. On the other hand, this is another case where the norm was supported by a leading state (Japan), in conjunction with a wider world society movement. The drafting history casts doubts on Japanese motives for pressing the proposal, but the failure reflects the relative weakness of Japan as a normative sponsor. While opposition to the clause certainly came from Britain, in response to pressure from parts of the empire, President Wilson's own position was ambiguous, and he certainly was not prepared to risk the Treaty of Versailles (and the League Covenant) to include it. There was a widespread pressure to hold a Pan-African Congress at Paris to coincide with the settlement. However, the Japanese delegate Baron Makino expressed a number of interesting normative arguments in support of the clause, appealing to the blurring of the distinction between international and world society brought about by the principle of collective security.
Curtis J. Milhaupt and Mark D. West
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199272112
- eISBN:
- 9780191601316
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272115.001.0001
- Subject:
- Economics and Finance, Financial Economics
Using an institutional and empirical approach, this book analyses the role of formal rules (law and regulations) and informal rules (norms, practices, and shared beliefs) in the Japanese economy. ...
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Using an institutional and empirical approach, this book analyses the role of formal rules (law and regulations) and informal rules (norms, practices, and shared beliefs) in the Japanese economy. Through in‐depth studies of corporate governance and finance, mergers and acquisitions, financial regulation, organized crime, and markets for everything from venture capital to legal talent, Professors Milhaupt and West show that institutions play a crucial and heretofore overlooked role in the structure of the Japanese economy, which often is portrayed as being governed exclusively by interpersonal relations and bureaucratic fiat. As these rules change, Japanese actors are responding, reshaping corporate governance and financial markets, while eroding the bureaucracy's power.Less
Using an institutional and empirical approach, this book analyses the role of formal rules (law and regulations) and informal rules (norms, practices, and shared beliefs) in the Japanese economy. Through in‐depth studies of corporate governance and finance, mergers and acquisitions, financial regulation, organized crime, and markets for everything from venture capital to legal talent, Professors Milhaupt and West show that institutions play a crucial and heretofore overlooked role in the structure of the Japanese economy, which often is portrayed as being governed exclusively by interpersonal relations and bureaucratic fiat. As these rules change, Japanese actors are responding, reshaping corporate governance and financial markets, while eroding the bureaucracy's power.
Marcus Rebick
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199247240
- eISBN:
- 9780191602566
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199247242.003.0011
- Subject:
- Economics and Finance, South and East Asia
The concluding chapter reviews the portrait of the employment system of the preceding chapters. Argues that Japan’s firms need to become more flexible with hiring mid-career employees. The labour ...
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The concluding chapter reviews the portrait of the employment system of the preceding chapters. Argues that Japan’s firms need to become more flexible with hiring mid-career employees. The labour market needs to allow for greater labour mobility without undermining the strong features of the system.Less
The concluding chapter reviews the portrait of the employment system of the preceding chapters. Argues that Japan’s firms need to become more flexible with hiring mid-career employees. The labour market needs to allow for greater labour mobility without undermining the strong features of the system.
Curtis J. Milhaupt and Mark D. West
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199272112
- eISBN:
- 9780191601316
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272115.003.0009
- Subject:
- Economics and Finance, Financial Economics
Provides the authors’ concluding observations. They note Japan's ‘move toward law’, discuss some limitations of their study, and end with a mildly optimistic assessment of the institutional changes ...
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Provides the authors’ concluding observations. They note Japan's ‘move toward law’, discuss some limitations of their study, and end with a mildly optimistic assessment of the institutional changes taking place in Japan over the past decade.Less
Provides the authors’ concluding observations. They note Japan's ‘move toward law’, discuss some limitations of their study, and end with a mildly optimistic assessment of the institutional changes taking place in Japan over the past decade.
Clair Brown, Michael Reich, Lloyd Ulman, and Yoshifumi Nakata
- Published in print:
- 1998
- Published Online:
- October 2011
- ISBN:
- 9780195115215
- eISBN:
- 9780199854820
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195115215.001.0001
- Subject:
- Business and Management, International Business
This book provides an integrated and detailed analysis of the components of firm human resources systems in the U.S. and Japan. It examines the relationship between company practices and national ...
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This book provides an integrated and detailed analysis of the components of firm human resources systems in the U.S. and Japan. It examines the relationship between company practices and national economic institutions. The authors address a number of key questions about employer–employee relations. How have major Japanese manufacturing companies been able to convert the assurance of “lifetime” employment security into a source of superior employee efficiency and adaptability, when job and income security have been feared as a source of “shirking” and wage inflation in the U.S.? How have higher economic and real wage growth rates been associated with greater equality in earned income distribution in Japan, when the incentive role of income inequality to worker effort and savings has been stressed in the U.S.? How could the Japanese emphasis on employment security in the firm be reconciled with greater price stability and lower unemployment than in the U.S.? This work analyses elements such as employee training and involvement programs, wage behavior as an incentive system and an alternate channel of savings, and synchronous wage determination (shunto) at work in the Japanese economy, which provide for such successes. It also explores the costs that have been associated with these Japanese accomplishments, as well as who must bear them. Finally, it examines the outlook for these distinctive Japanese institutions and practices in a period of slower growth and economic “maturity.” Based on a research project carried out in both countries, it concludes with the lessons that each country can learn much from the employment practices of the other.Less
This book provides an integrated and detailed analysis of the components of firm human resources systems in the U.S. and Japan. It examines the relationship between company practices and national economic institutions. The authors address a number of key questions about employer–employee relations. How have major Japanese manufacturing companies been able to convert the assurance of “lifetime” employment security into a source of superior employee efficiency and adaptability, when job and income security have been feared as a source of “shirking” and wage inflation in the U.S.? How have higher economic and real wage growth rates been associated with greater equality in earned income distribution in Japan, when the incentive role of income inequality to worker effort and savings has been stressed in the U.S.? How could the Japanese emphasis on employment security in the firm be reconciled with greater price stability and lower unemployment than in the U.S.? This work analyses elements such as employee training and involvement programs, wage behavior as an incentive system and an alternate channel of savings, and synchronous wage determination (shunto) at work in the Japanese economy, which provide for such successes. It also explores the costs that have been associated with these Japanese accomplishments, as well as who must bear them. Finally, it examines the outlook for these distinctive Japanese institutions and practices in a period of slower growth and economic “maturity.” Based on a research project carried out in both countries, it concludes with the lessons that each country can learn much from the employment practices of the other.
Masayuki Tanimoto (ed.)
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780198292746
- eISBN:
- 9780191603891
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292740.001.0001
- Subject:
- Economics and Finance, South and East Asia
This volume explores Japan’s industrialization from the perspective of ‘indigenous development’, focusing on what may be identified as ‘traditional’ or ‘indigenous’ factors. Japanese ...
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This volume explores Japan’s industrialization from the perspective of ‘indigenous development’, focusing on what may be identified as ‘traditional’ or ‘indigenous’ factors. Japanese industrialization has often been described as the process of transferring and importing technology and organization from Western countries. Recent research, however, has shown that economic development began during the Tokugawa-era, the so-called age of proto-industrialization. This economic development not only prepared for the technology transfer from the West, but also formed the basis of the particular industrialization process which paralleled transplanted industrialization in modern Japan. The aim of this volume is to demonstrate this aspect of industrialization through detailed studies of ‘indigenous’ industries. The collection of papers looks at the industries originating from the Tokugawa-era such as weaving, silk-reeling, and pottery, as well as the newly developed small workshops engaged in manufacturing machinery, soaps, brushes, buttons, bicycles, and small businesses in the tertiary sector. The studies reveal the role of particular production systems based on the small workshops, while some industries developed the factory system. The household strategy, skill formation, and the organizing capability of the merchants are key factors widely discussed in the volume. The institutional basis of the industrialization such as trade associations, local and central governments, and the regional community are considered. Available for the first time in English, these papers shed new light on the role of indigenous development and the dualistic character of Japan’s economic development.Less
This volume explores Japan’s industrialization from the perspective of ‘indigenous development’, focusing on what may be identified as ‘traditional’ or ‘indigenous’ factors. Japanese industrialization has often been described as the process of transferring and importing technology and organization from Western countries. Recent research, however, has shown that economic development began during the Tokugawa-era, the so-called age of proto-industrialization. This economic development not only prepared for the technology transfer from the West, but also formed the basis of the particular industrialization process which paralleled transplanted industrialization in modern Japan. The aim of this volume is to demonstrate this aspect of industrialization through detailed studies of ‘indigenous’ industries. The collection of papers looks at the industries originating from the Tokugawa-era such as weaving, silk-reeling, and pottery, as well as the newly developed small workshops engaged in manufacturing machinery, soaps, brushes, buttons, bicycles, and small businesses in the tertiary sector. The studies reveal the role of particular production systems based on the small workshops, while some industries developed the factory system. The household strategy, skill formation, and the organizing capability of the merchants are key factors widely discussed in the volume. The institutional basis of the industrialization such as trade associations, local and central governments, and the regional community are considered. Available for the first time in English, these papers shed new light on the role of indigenous development and the dualistic character of Japan’s economic development.
Steven Heine
- Published in print:
- 2005
- Published Online:
- October 2011
- ISBN:
- 9780195160031
- eISBN:
- 9780199850273
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195160031.001.0001
- Subject:
- Religion, Buddhism
It is said that in traditional Japan the samurai embraced Zen because it helped them to be fearless in adversity, to act quickly and decisively, and to keep focused on their ultimate goal. This book ...
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It is said that in traditional Japan the samurai embraced Zen because it helped them to be fearless in adversity, to act quickly and decisively, and to keep focused on their ultimate goal. This book shows how, by applying Zen principles in our working lives, we can achieve the same results for ourselves. The book describes the way Zen embraces two different yet harmonious paths. The Way of the Hermit teaches detachment—the mental clarity you need to view your situation dispassionately and impartially, to perceive who is an ally and who is a competitor, to understand what is possible and what is not. The Way of the Warrior teaches the ability to act without hesitation at the proper moment. Together, they can prepare you to meet the challenges of the modern professional world. This book offers a step-by-step approach to attaining these skills and applying them in daily life. Using real-world examples interwoven with sayings and stories from the Zen tradition, it shows how Zen can help in situations ranging from gaining a deserved promotion to overcoming obstacles that arise from a breakdown in teamwork. The book makes it clear that in Zen the path to personal success must be one that values integrity, respects every individual, emphasizes cooperation, and serves the goals of the larger group.Less
It is said that in traditional Japan the samurai embraced Zen because it helped them to be fearless in adversity, to act quickly and decisively, and to keep focused on their ultimate goal. This book shows how, by applying Zen principles in our working lives, we can achieve the same results for ourselves. The book describes the way Zen embraces two different yet harmonious paths. The Way of the Hermit teaches detachment—the mental clarity you need to view your situation dispassionately and impartially, to perceive who is an ally and who is a competitor, to understand what is possible and what is not. The Way of the Warrior teaches the ability to act without hesitation at the proper moment. Together, they can prepare you to meet the challenges of the modern professional world. This book offers a step-by-step approach to attaining these skills and applying them in daily life. Using real-world examples interwoven with sayings and stories from the Zen tradition, it shows how Zen can help in situations ranging from gaining a deserved promotion to overcoming obstacles that arise from a breakdown in teamwork. The book makes it clear that in Zen the path to personal success must be one that values integrity, respects every individual, emphasizes cooperation, and serves the goals of the larger group.
Tetsuro Toya
Jennifer A. Amyx (ed.)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.001.0001
- Subject:
- Economics and Finance, South and East Asia
This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative ...
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This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.Less
This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0001
- Subject:
- Economics and Finance, South and East Asia
This chapter examines financial politics in the 1990s and the emergence of the Big Bang financial reforms in 1996. It discusses the main arguments of the book, namely that Japanese politics has ...
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This chapter examines financial politics in the 1990s and the emergence of the Big Bang financial reforms in 1996. It discusses the main arguments of the book, namely that Japanese politics has changed since 1995; that the Big Bang resulted from strategic interaction between the Liberal Democratic Party and Ministry of Finance, and an increased role of the public in policymaking; and that there has been institutional change in financial politics since 1995 represented by the breakdown of the Convoy System and the decay of bureaupluralism. An overview of the chapters included in this volume is provided.Less
This chapter examines financial politics in the 1990s and the emergence of the Big Bang financial reforms in 1996. It discusses the main arguments of the book, namely that Japanese politics has changed since 1995; that the Big Bang resulted from strategic interaction between the Liberal Democratic Party and Ministry of Finance, and an increased role of the public in policymaking; and that there has been institutional change in financial politics since 1995 represented by the breakdown of the Convoy System and the decay of bureaupluralism. An overview of the chapters included in this volume is provided.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0002
- Subject:
- Economics and Finance, South and East Asia
This chapter begins with an overview of existing literature on Japanese politics, focusing on Japanese financial politics in the 1990s. It identifies three issues of contention in the various ...
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This chapter begins with an overview of existing literature on Japanese politics, focusing on Japanese financial politics in the 1990s. It identifies three issues of contention in the various approaches to Japanese politics, and explains how these debates help inform the study’s research design. It suggests five alternative explanations for the emergence of the Big Bang reforms, against which the explanation in later chapters will be weighed.Less
This chapter begins with an overview of existing literature on Japanese politics, focusing on Japanese financial politics in the 1990s. It identifies three issues of contention in the various approaches to Japanese politics, and explains how these debates help inform the study’s research design. It suggests five alternative explanations for the emergence of the Big Bang reforms, against which the explanation in later chapters will be weighed.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0003
- Subject:
- Economics and Finance, South and East Asia
This chapter has two main objectives. First, it introduces the theoretical frameworks of institutional change and organizational survival to be utilized in later chapters to make sense of the ...
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This chapter has two main objectives. First, it introduces the theoretical frameworks of institutional change and organizational survival to be utilized in later chapters to make sense of the development in financial politics. Second, it constructs possible scenarios regarding financial reforms by identifying the actors and deriving their preferences based on observed behavioral regularities. It shows how the starting assumption — that organizations seek survival — applies more broadly to actors in the political economy. These actors include political parties, bureaucratic agencies, firms, and interest groups. Through this process, the institutions in Japanese finance (the Convoy) and public policymaking (bureaupluralism) that prevailed until the first half of the 1990s are identified.Less
This chapter has two main objectives. First, it introduces the theoretical frameworks of institutional change and organizational survival to be utilized in later chapters to make sense of the development in financial politics. Second, it constructs possible scenarios regarding financial reforms by identifying the actors and deriving their preferences based on observed behavioral regularities. It shows how the starting assumption — that organizations seek survival — applies more broadly to actors in the political economy. These actors include political parties, bureaucratic agencies, firms, and interest groups. Through this process, the institutions in Japanese finance (the Convoy) and public policymaking (bureaupluralism) that prevailed until the first half of the 1990s are identified.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0004
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the predicted economic consequences of the Big Bang reforms for a range of actors in the financial market to identify the perceived ‘winners’ and ‘losers’ from the reforms. It ...
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This chapter examines the predicted economic consequences of the Big Bang reforms for a range of actors in the financial market to identify the perceived ‘winners’ and ‘losers’ from the reforms. It begins by providing an overview of the developments leading up to the reform initiative, focusing on the period from November 1996 through June 1997. It then summarizes the content of the initiative and the accompanying financial reforms. A discussion of expected economic consequences for the financial market in general follows.Less
This chapter examines the predicted economic consequences of the Big Bang reforms for a range of actors in the financial market to identify the perceived ‘winners’ and ‘losers’ from the reforms. It begins by providing an overview of the developments leading up to the reform initiative, focusing on the period from November 1996 through June 1997. It then summarizes the content of the initiative and the accompanying financial reforms. A discussion of expected economic consequences for the financial market in general follows.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0005
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the politics surrounding the emergence of the Big Bang Initiative, seeking to determine who brought it about and why. It focuses in particular on developments between the fall ...
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This chapter examines the politics surrounding the emergence of the Big Bang Initiative, seeking to determine who brought it about and why. It focuses in particular on developments between the fall 1995 and November 1996, when then Prime Minister Hashimoto announced the initiative. It argues that the political economy of the Big Bang can be best explained according to the logic of actor behavior detailed in Chapter 3. This logic focuses on the maintenance of organization survival and holds across political parties, organizations, and firms.Less
This chapter examines the politics surrounding the emergence of the Big Bang Initiative, seeking to determine who brought it about and why. It focuses in particular on developments between the fall 1995 and November 1996, when then Prime Minister Hashimoto announced the initiative. It argues that the political economy of the Big Bang can be best explained according to the logic of actor behavior detailed in Chapter 3. This logic focuses on the maintenance of organization survival and holds across political parties, organizations, and firms.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0006
- Subject:
- Economics and Finance, South and East Asia
This chapter analyzes the process in which the initiative of November 1996 was embodied and implemented. The Big Bang is compared to three cases of past financial reforms (1991-93, 1992-94, and ...
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This chapter analyzes the process in which the initiative of November 1996 was embodied and implemented. The Big Bang is compared to three cases of past financial reforms (1991-93, 1992-94, and 1979-82) to assess the extent of change the Big Bang has brought about. The focus is on the influence of regulated industry actors — the economic ‘losers’ from the Big Bang — on public policymaking. The influence they had on the outcome as well as their inability to reverse the Big Bang reforms are assessed.Less
This chapter analyzes the process in which the initiative of November 1996 was embodied and implemented. The Big Bang is compared to three cases of past financial reforms (1991-93, 1992-94, and 1979-82) to assess the extent of change the Big Bang has brought about. The focus is on the influence of regulated industry actors — the economic ‘losers’ from the Big Bang — on public policymaking. The influence they had on the outcome as well as their inability to reverse the Big Bang reforms are assessed.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0007
- Subject:
- Economics and Finance, South and East Asia
This chapter examines what can be said about the new developments in financial politics since 1995. It considers the case of the Financial Diet of 1998, an extraordinary legislative session held to ...
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This chapter examines what can be said about the new developments in financial politics since 1995. It considers the case of the Financial Diet of 1998, an extraordinary legislative session held to deal with the bad debt problem in banking. It is shown that the new developments observed in the case of the Big Bang represent a more general trend in financial politics, evident since 1995. This trend is one in which the public matters more than ever in the policymaking process.Less
This chapter examines what can be said about the new developments in financial politics since 1995. It considers the case of the Financial Diet of 1998, an extraordinary legislative session held to deal with the bad debt problem in banking. It is shown that the new developments observed in the case of the Big Bang represent a more general trend in financial politics, evident since 1995. This trend is one in which the public matters more than ever in the policymaking process.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0008
- Subject:
- Economics and Finance, South and East Asia
This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to ...
More
This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to understand the larger changes taking place in finance. It shows the causal mechanism through which the observed changes in financial politics occurred, while demonstrating how the components of the Financial Convoy related to one another, triggering the breakdown of the Convoy. The breakdown of the Convoy and the decay of bureaupluralism are observed, and the future of the latter is predicted.Less
This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to understand the larger changes taking place in finance. It shows the causal mechanism through which the observed changes in financial politics occurred, while demonstrating how the components of the Financial Convoy related to one another, triggering the breakdown of the Convoy. The breakdown of the Convoy and the decay of bureaupluralism are observed, and the future of the latter is predicted.
