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And virtually all business activity is part of one or another keiretsu or cartel. Keiretsu and cartels or cartelized groups recognize one another as competitors, as “us” versus “them,” just as competing companies elsewhere in the West do. Each keiretsu resembles a fighting clan in which business families join together to vie for market share.
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Politics, society, and business are ensnarled because the Japanese believe that these insular arrangements maintain the security of the nation, provide full employment, and distribute the burden of risks of all sorts.ĭespite the well-known Japanese desire for harmony, there is nothing sentimental about these unions they can be ruthless. The nation is largely lashed together by a web of informal cartels, as well as their formal derivatives, keiretsu. Japanese society is organized by the grouping of families of interest-in businesses, government bureaucracies, political parties, and even universities.
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Only one thing seems certain today: a company that waits quietly for Japan to guarantee free trade will be waiting for a long, long time. Cartel principles are likely to dominate business in Japan for a long time to come, but even long-standing systems evolve, and any changes in cartel practices will present opportunities for alert U.S. The first task, both for Japan’s international competitors as well as for companies that covet the Japanese market, is to understand how that system works. Japan’s national system is unique, but it is not impregnable or immutable. In fact, to paraphrase former Ambassador Mike Mansfield, no single bilateral competition will loom more important in post-Cold War America. And if it is, should the United States then build its own keiretsu, or ease antitrust restrictions on domestic cartels? Developing nations watch to see whether the Japanese challenger will supplant the American version of capitalism. Indeed, Japan’s strength causes many people to ask if keiretsu is the ideal socio-political-economic system, the new paradigm for industrial supremacy.
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And this idiosyncratically Japanese version of capitalism-unified more by tradition and custom than by formal legal ties such as interlocking directorates and cross-ownership-has proven to be at least as vigorous as its American or European counterparts. This lattice work of interwoven interests depends upon the acceptance of a national social contract by workers, corporations, and the government, as well as the compliance of the consumers who are penalized by it. In Japan, cartels are a way of life and keiretsu a structural vehicle that ensures their continued success. Western business executives are familiar with cartels as informal-and usually illegal-agreements among companies to control prices and curb competition among themselves. companies battle to gain access to Japan’s markets, two questions arise again and again: Do Japan’s keiretsu-long-lived, intimate relationships among suppliers and customers-unfairly block Americans from the Japanese market? And if so, will Japan change to rectify the situation? But these questions ignore a fundamental fact: keiretsu are evidence of Japan’s basic nature, and Japanese capitalism differs greatly from typical business practice in the West.