the laissez-faire construct of the West (Aoki, 1988).
In the real world, says Johnson, "it is more commonly about a lot of other things, such as the exchange of economic advantages for political favors, the open reaping of rewards for technological innovation, payoffs to nations where vital resources are at stake. . . and the creation of surpluses that can be used to pay for such things as scientific research , U.N. peacekeeping forces or development expenses" (Johnson, 1993, 53).
The main tenets of Japanese capitalism include:
* High level of government/ business integration, both in defining economic objectives and in executing policy (Cohen, 1997);
* A weak multi-party system that tends to cycle in phases toward "soft authoritarian" systems with one predominant party or charismatic leader;
* Pronounced lack of concern for welfare or "safety-net" arrangements;
* A single-minded focus on economic success (Adams, Hoshii, 1972, 128-144).
There are strong historical links between banks and industry through two socio-economic constructs known as the "zaibatsu" and "keiretsu," which can be defined as grouping and interlinking of great industrial commercial combines around a bank. Mitsubishi, Fuji, Mitsui are good examples of this sort of combined banking-business alliances.
There is much academic discussion of the values of the Japanese keiretsu and its style of operation for maximum effectiveness.
To Dunning,(1995), the kereitsu model should be followed by companies wishing to remain competitive in the global economy since it answers the needs of consumers by focusing on the upgrading of core competencies of firms, and on the way these firms are organized as a means of improving their global competitive advantages (Dunning, 1995).
Lillirank,(1995), suggests that most of the basic ideas of Japanese management were originally developed in the United States; "only when the Japanese demonstrated t...