Japan's industrialists - until recently feted as heroes of the country's post-war economic miracle - are suffering a crisis of confidence. The economic system they built appears broken and probably cannot be fixed without radical overhaul. It may have worked well during the high-growth 1960s and 1970s when Japan was catching up with the developed world, but in the-low growth 1990s the system no longer appears capable of allocating capital, labour, land or technology in an efficient manner....more
Japan's industrialists - until recently feted as heroes of the country's post-war economic miracle - are suffering a crisis of confidence. The economic system they built appears broken and probably cannot be fixed without radical overhaul. It may have worked well during the high-growth 1960s and 1970s when Japan was catching up with the developed world, but in the-low growth 1990s the system no longer appears capable of allocating capital, labour, land or technology in an efficient manner....
