By Hiroshi Okumura
In characterizing the japanese means of industrial, Professor Okumura has made the most major contributions to the research of economics. Following his examine of the conversion of pre-war zaibatsu to post-war teams of organizations, he investigates the roll of complete buying and selling businesses in those teams, the most banking procedure and the everlasting employment approach. in spite of the fact that, he has been very severe of this manner of industrial, while these encouraged via him have enthusiastically propagated his concept with no reservation. this is often the 1st English translation of his paintings.
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Additional info for Corporate Capitalism in Japan (Classics in the History and Development of Economics)
5 In Japan, new shares used to be issued at face value and allocated to the current shareholders in proportion to the number of shares they held. In the 1970s it became popular that they were issued at their current price. It would then be of great benefit of the companies to keep their share prices high at the time of issue. Under the system of mutual holding of shares the stable holders would never sell the shares but only buy the new shares to keep their proportions. Then the prices would be kept high because a significant part of supply was inelastic and a constant proportion of demand was also inelastic; in this way, therefore, the companies issuing the new shares would acquire a huge amount of capital.
Unlike those in Britain, they are comprehensive (or universal) in the sense that each of them has within itself all the sections of securities business: underwriting, brokerage and dealing. Because there are conflicts of interest between these three, securities firms are usually specialised in only one of them to avoid unfair profits obtained by dealing with these businesses simultaneously. For example, a securities firm S with the sections of underwriting and brokerage undertakes to buy the new shares issued by company A and sells them to those customers who want to buy them.
Source: See Table 3. Introduction xlvii group is not very much different from the other groups as far as the secondary industry sector is concerned but has very high indices in the other two. This would not be surprising in view of the fact that Keio and Waseda are weaker and smaller than the state university in the field of science and technology, whereas they have big social science faculties, especially in economics, business, commerce and politics. Secondly, the figures for presidents and chairmen are generally lower than the corresponding ones for executives, though those for financial and non-financial tertiary sectors fluctuate greatly because samples are very small; that is, at the very top level state universities still dominate private universities more than at the executive level.