Gavin Wright

Robert M. Stern

Hugh Patrick

Gary R. Saxonhouse

Gary R Saxonhouse was one of the world’s leading scholars on Japanese economy. Born in New York City in 1943, he attended Yale University, where he received his PhD in Economics in 1971. In 1970, he joined the Faculty of Economics at the University of Michigan, where he remained throughout his career. The selection of his published papers that comprises this two-volume publication is a testimony and tribute to his remarkable accomplishments and influence, which were cut short by his untimely death in November 2006, following a battle with leukemia. Volume I contains a selection of his published papers that have been instrumental in enhancing the understanding of Japan's modern economic history, focusing particularly on the Japanese cotton-spinning industry. Volume II features a selection of his published papers that look at how Japan's technology and innovation were key in promoting Japan's economic success; how its economy was shaped by its comparative advantage and related policies; and how its macro-financial policies were implemented in the course of its economic growth after World War II.

The Japanese Economy in Retrospect

Masahiko Aoki

BL Gives a definitive description and analysis of the main bank system BL Strong contributors BL Understudied subject BL Incorporates results of a major World Bank research programme BL Balances institutional description with financial theory and empirical analysis This volume looks at systems of corporate finance, concentrating on the Japanese main bank system. The remaining chapters describe different systems, assessing to what extent the Japanese system can serve as a model for developing market economies and transforming socialist economies. The basic characteristics of the main bank system are examined here, its roots, development, and its role in the heyday of its rapid growth. The volume looks at how the system has performed and at its strengths and weaknesses. It goes on to look at how the system has changed and what its approprate role is as deregulation, liberalization, and internationalization of Japan's financial markets have proceeded over the past two decades and a new issue securities market has emerged. A basic conclusion of the book is that banking-based systems are in most cases the most appropriate for industrial financing until a rather late stage of a country's economic and financial development. It aims to identify the conditions under which banks are better able that securites market institutions to evaluate the credit worthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress. Contributors: Masahiko Aoki, Theodor Baums, V.V.Bhatt, John Campbell, Yasushi Hamao, Toshihiro Horiuchi, Takeo Hoshi, Anil Kashyap, Dong-Wong Kim, Gary Loveman, Sang-Woo Nam, Frank Packer, Hugh Patrick, Yingyi Qian, Mark Ramseyer, Clark Reynolds, Satoshi Sunamura, Paul Sheard, Juro Teranishi, Kazuo Ueda,

Its Relevance for Developing and Transforming Economies

The Japanese Main Bank System

Candide's tutor Pangloss teaches the doctrine of economic individualism. Every day he proves that the unfettered market provides the best possible allocation of resources....In Candide Redux, inspired by Voltaire 's seminal work Candide, the doctrine of the perfect market is held up to satire. Candide and his companions are thrown into a fast-moving and fantastical adventure, illustrating by comic example the themes of self-delusion and the contrast between ideology and experience.Candide journeys to South America and back via El Dorado and suffers many trials. But his love for Penelope, and his tutor Pangloss's faith in the market, are unshakeable. In this fantasy world, only the "invisible hand" of the market is ever-present - in the face of all evidence to the contrary.At a time when faith in the rational behaviour of economic markets has been severely shaken, Candide Redux offers afresh perspective on this issue of pressing international importance, told in an entertaining and populist style.

Hugh Patrick

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