Stock Market Capitalism: Welfare Capitalism Japan And Germany

Description: This is a book about Washington Consensus capitalism and the controversies its encroachment causes in Japan and Germany. Many people in both those countries share the assumptions dominant today in Britain and America-that managers should be intent solely on creating shareholder value and that shareholders' financial logic alone should determine who buys what company on the stock exchange. That way efficiency (and hence global welfare) will be maximized. The Japanese and German advocates of full-bloodied market capitalism are not having it all their own way, however. In both countries there are articulate defenders of what they consider to be a better way of life, informed by a more human, more social-solidary, set of values. Dore traces the fascinating debates which ensue on corporate governance, on worker rights, on supplier relations, on cartels and anti-trust, on pensions and welfare. He also analyses actual changes in economic behaviour-an essential means of sorting out a lot of the muddle and double-talk not just in the internal debates themselves, but even more in the foreign reporting of them. These accounts of the battle for the national soul in Japan and Germany constitute one of the finest contributions to the 'diversity of capitalism' debate. Dore's account should be read by anyone who is interested to know whether, for all the talk of globalization, that diversity is going to survive. Review: Insightful. Financial Adviser Interesting insights ... Dore has written a fascinating book on an important subject. There are so many middle-of-the-road books on the assumed merits of the Anglo-American model that it is indeed welcome, necessary and timely to see the other case made. The book deserves many readers, and they will be rewarded by highly stimulating and thought-provoking ideas and interpretations ... were it not for his commitment and involvement, we might have missed some of the most remarkable scholarship on Japan in recent decades. Social Science Japan Journal Professor Dore has written a thoughtful and provocative book on how global capitalism may evolve. Whether or not you agree with him - and many economists and CEOs will not - if you are interested in the future of the world economy, you should read this book. Jeffrey E. Garten, Dean, Yale School of Management Table of Contents: 1. Introduction; PART I. THE ORIGINAL JAPANESE MODEL; 2. A Society of Long-Term Commitments; PART II. CHANGE AND CONTROVERSY IN JAPAN; 3. Sources of Change; 4. Corporate Governance: From the Employee-Favouring Firm to the Shareholder-Favouring Firm; 5. Trading Relations; 6. The Industry as Community: The Competition/Cooperation Balance among Competitors; 7. The Role of Government in the Economy; PART III. GERMAN PARALLELS; 8. Finanzplatz Deutschland; 9. The Codetermined Firm; 10. The Organized Community; PART IV. CONCLUSION; 11. Nice Guys Finish Last?