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Conspiracy in Industry or Conspiracy in Academe? A Review of Yoshiro Miwa and J. Mark Ramseyer, The Fable of the Keiretsu: Urban Legends of the Japanese Economy

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  • Timothy Brennan

Abstract

During the 1980s, a widespread belief that the Japanese economy was outperforming that of the US led to a search for causes. Perhaps top on the list was a view that the Japanese had rejected the US model of private market competition, substituting for it the use of very large horizontal and vertical cooperatives, known as keiretsu. These keiretsu were thought to follow the instruction of main banks and the Japanese government rather than their own entrepreneurial insight. Miwa and Ramseyer's book (2006) sets out a detailed case against all of these claims. While the argument about the role of the keiretsu is significant, perhaps more important is the authors' explanation of why the 'fable' was thought real by academics as well as the policy and business community.

Suggested Citation

  • Timothy Brennan, 2008. "Conspiracy in Industry or Conspiracy in Academe? A Review of Yoshiro Miwa and J. Mark Ramseyer, The Fable of the Keiretsu: Urban Legends of the Japanese Economy," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 15(2), pages 265-279.
    • Handle: RePEc:taf:ijecbs:v:15:y:2008:i:2:p:265-279
    DOI: 10.1080/13571510802134528
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    References listed on IDEAS

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    1. Miwa, Yoshiro & Ramseyer, J. Mark, 2006. "The Fable of the Keiretsu," University of Chicago Press Economics Books, University of Chicago Press, number 9780226532707, April.
    2. Liebowitz, S J & Margolis, Stephen E, 1990. "The Fable of the Keys," Journal of Law and Economics, University of Chicago Press, vol. 33(1), pages 1-25, April.
    3. Michael E. Porter & Mariko Sakakibara, 2004. "Competition in Japan," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 27-50, Winter.
    4. Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
    5. Kenneth N. Kuttner & Adam S. Posen, 2001. "The Great Recession: Lessons for Macroeconomic Policy from Japan," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(2), pages 93-186.
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    Cited by:

    1. Kyoji Fukao & Victoria Kravtsova & Kentaro Nakajima, 2014. "How important is geographical agglomeration to factory efficiency in Japan’s manufacturing sector?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 52(3), pages 659-696, May.

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