By Yoshiro Miwa, J. Mark Ramseyer
For Western economists and newshounds, the main certain part of the post-war jap company international has been the keiretsu, or the insular enterprise alliances between robust organisations. inside keiretsu teams, argue those observers, corporations preferentially exchange, lend funds, take and obtain technical and monetary tips, and cement their ties via cross-shareholding agreements. within the delusion of the Keiretsu, Yoshiro Miwa and J. Mark Ramseyer reveal that each one this speak is actually simply city legend.In their insightful research, the authors express that the very notion of the keiretsu used to be created and propagated by way of Marxist students in post-war Japan. Western students only repatriated the legend to teach the culturally contingent nature of contemporary monetary research. Laying waste to the thought of keiretsu, the authors debunk numerous similar “facts” besides: that jap organisations keep specific preparations with a “main bank,” that enterprises are systematically poorly controlled, and that the japanese govt guided post-war progress. In demolishing those long-held assumptions, they give one of many few trustworthy chronicles of the realities of jap enterprise. (20060313)
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Extra resources for The Fable of the Keiretsu: Urban Legends of the Japanese Economy
Sample text
How could keiretsu firms reduce volatility? Equity interests do not allow the firms to pool earnings: the shareholdings are too trivial. Neither do the trade relations allow it: the ties are just as trivial. Debt could conceivably work, but no one has shown that keiretsu interest charges move countercyclically. In any event, the lower-volatility thesis implies that independent firms would pay a premium on their bond issues relative to keiretsu firms—and 28 c h a p t e r t w o this does not happen (Hall and Weinstein 2000).
From where could so central, so widely shared, so pervasively repeated—yet so fundamentally vacuous—a myth have come? To this question, we turn in the following chapter. chapter three And of the Zaibatsu There are no keiretsu and never were. The central “fact” by which we understand the Japanese economy is not a fact at all. It is a story, no more and no less. It is not that we academics have exaggerated the significance of the keiretsu. It is not that their boundaries are more ambiguous than we have thought.
And in truth, the associations do meet from time to time and—unlike the lunch clubs—do swap business information (see JAPIA 1998). As of 1998, Toyota had 189 suppliers in its network, Nissan had 234, and Mitsubishi 377. Yet these associations belie the usual assumptions about the keiretsu. Most basically, they are anything but exclusive. Of the 189 Toyota and 234 Nissan association members, 68 are in both associations. 91. Although 738 firms limit themselves to one association, 135 are in two, 135 are in three to five, 62 are in six to eight, and 28 are in nine or more.
