Organizational Diversity and Institutional Change: Evidence from Financial and Labor Markets in Japan
Japan's economic success has been attributed largely to the nature of its national institutions and economic systems, such as relational banking, lifetime employment, and relational contracting in intermediate product markets. These institutions and systems were tightly linked to facilitate governing the Japanese economy, but more diverse patterns of organizing have become evident since the 1990s. For instance, in financial markets, venture capital funds and IPOs (initial public offerings) have appeared alongside relational banking to finance start-ups. In labour markets, non-standard forms of employment have come to be a significant alternative to the lifetime employment norm. It is clear that the Japanese business system is becoming more diverse from within. But when, why, and how has such organizational diversity come about in Japan? And is such diversity a sign of gradual breakdown of the system, or has it become the very characteristic of the Japanese system? If it is the former, what is the process by which we should expect the emergence of a new system? If the latter, how much diversity can be sustained within a system?
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