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Spring 2006

ISSN 0890-913X

Volume 22, Number 2

Categories: Economics | Spring 2006

An Evaluation of Japan's Stakeholder Capitalism

Ian Maitland, University of Minnesota

Mitsuhiro Umezu, Keio University

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JournalofbivateEnterprise,VolumeXXI,Number2,Spring2006AnEvaluationofJapan'sStakeholderCapitalismIanMaitlandUniversityofMinnesotaMitsuhiroUmezuKeioUniversityNotmuchmorethanadecadeago,Japanesecapitalismseemedtohavetriumphedinapparentdefianceofthetenetsofneo-classicaleconomics.Almostasimpressiveasitseconomicachievements,Japanappearedtohaveinventedamorehumaneformofcapitalismwithouthavingtosacrificeefficiencyandproductivity.ManyAmericanslookedtoJapanforanalternativetotherawcapitalismpracticedintheUnitedStatesandlikedwhattheysaw.RonaldDore(1986:250)saidthatJapanhadseentheshapeofthefutureandmadeitwork.Inparticular,theJapanesecompanyseemedtocontrastfavorablywithitsU.S.counterpart.Apartfromitscompetitivesuccess,whatmostimpressedoutsiderswastheJapanesecompany'sloyaltytoitsemployeesanditsfreedomfromtheshort-termismandobsessionwithpleasingWallStreetthatafflictedAmericancompanies.ManyscholarsdiscernedintheJapanesecompany—orimaginedtheydiscernedinit—manyoftheattributesofa"stakeholdercompany."AccordingtoCarlKester(1991:79),"Japanesemanagersareagentsoftheentirecoalitionofstakeholdersratherthantheshareholdersoranyothersinglegroup."ForEricOrts(1992:129),theJapanesecompanyis"acoalitionofstakeholders—suppliers,lenders,customers,shareholders—holdingacomplexblendofseniorandjunior,short-termandlong-term,conditionalandunconditional,implicitandexplicitclaimsagainstthecompany."SanfordJacoby(2000:6)describestheJapanesevariantofcapitalismasonethat"balance[s]theinterestsofmultiplestakeholders:employers,creditors,tradingpartners,andfinally,IanMaitlandandMitsuhiroUmezu131

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Title	An Evaluation of Japan's Stakeholder Capitalism
Authors/Creators:	Ian Maitland, University of Minnesota Mitsuhiro Umezu, Keio University
Year:	2006
Volume:	22
Number:	2
Pages:	131 - 164
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Capitalism, Stakeholders, Neoclassical economics, Economic development, Business cycles

Citation:
Maitland, Ian; Umezu, Mitsuhiro / 2006. "An Evaluation of Japan's Stakeholder Capitalism." The Journal of Private Enterprise, 22(2): 131-164.