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Economics / Business

Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons

(Oxford University Press 2000)

Ronald Dore

The author here places recent developments in Japan against the broader context of changes in the modern patterns of capitalism common to all industrial societies.
His focus is on the tendency of shareholder-value to be seen as the sole legitimate objective of the corporate executive, as contrasted with the traditional alignment of Japan on the employeefavoring side of the divide.
Dore begins his argument with a discussion of “the original Japanese model,” then moves on to the changes and controversies that this model has occasioned both in Japan and elsewhere.
He parallels Japan’s achievement with that of Germany and in his conclusion he writes of the effects of economic models on the identity of a country.
His, then, is a story of “modern capitalism” and his book concludes with the thought that “Germany will clearly lose much of its separate identity as it is absorbed in, or absorbs, Europe.
Japan will still for a long while to come remain a much more autonomous entity.”
The book thus offers a guide to the changes in economic behavior experienced by two countries, Japan and Germany, and a demonstration of their differences to England and America.

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