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Japan at Home: The Corporatist State

In: European Power and The Japanese Challenge

Author

Listed:
  • William R. Nester

    (St. John’s University of New York)

Abstract

During the summer of 1991, Japan was rocked by the revelation of two immense interrelated financial scandals. In June an investigation by the Tax Office of twenty-one Japanese securities firms revealed that they had kicked back over $1.5 billion to over 600 favored clients, including organized crime bosses (yakuza) and a government pension fund. The Big Four securities firms — Nomura, Daiwa, Nikko, and Yamaichi — accounted for about $1 billion of the total. Then in August it was revealed that Japan’s largest banks and other financial institutions had handled over $5 billion in fraudulent loans. Yet even these huge amounts of money and types of corruption were considered only the iceberg’s tip.

Suggested Citation

  • William R. Nester, 1993. "Japan at Home: The Corporatist State," Palgrave Macmillan Books, in: European Power and The Japanese Challenge, chapter 3, pages 99-127, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12995-9_3
    DOI: 10.1007/978-1-349-12995-9_3
    as

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