Econ 4450 (2010) Note 6 - Econ 4450 Note 6 1 The Japanese...

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Econ 4450 Note 6 1
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The Japanese economy underwent a dramatic U –turn after WWII Before the war, Japanese industries were dominated by the conglomerates under the Zaibatsu (financial families) system, which resembled both the German Konzerns and the Korean Chaebuls. Some had century–old roots; other arose to serve the military needs for conquest. These firms were controlled by founders’ families, and occasionally became targets for political assassination. WWII transplanted the German system, with private industry serving war-time production under government direction. The government-business association formed the blue print of working under the Administrative Guidance system of the MITI. The government owed huge sums to such firms. 2
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After war, all these business groups were at a stage of collapse: a) Financially, the Japanese government repudiated its debts to such firms.
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Econ 4450 (2010) Note 6 - Econ 4450 Note 6 1 The Japanese...

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