MICHIO MORISHIMA is the former Sir John Hicks Professor of Economics at the London School of Economics and Political Science and works at STICERD attached to the LSE. He is the General Editor of the Macmillan series of the Classics in the History and Development of Economics. His previous publications include Why Has Japan `Succeeded'?, as well as volumes on general economic theory, the history of economic thought and the socio-economic aspects of the development of Japan.

'Morishima casts his intellectual net broadly. He probes social, cultural and economic factors for answers to the dual enigma of Japan's earlier vitality and its current stagnation. In doing so, he accomplishes the unusual feat of both seeing how organizations and individuals actually behave, and presenting analytic concepts with practical explanatory value.' - Kent E. Calder, Japan Quarterly

• Preface Acknowledgements Introduction Ideology and Economic Activity: An International Comparison Transformation from Feudalism to Capitalism in Japan Japanese Financial System: Its Solidarity and Vulnerability Japanese Enterprise as Private Sector Bureaucracy Severe Wage Differentials Persisting in Japan Agony towards Capitalism from Below A Perspective on Japan in the Coming Century Notes Bibliography Index

MICHIO MORISHIMA is the former Sir John Hicks Professor of Economics at the London School of Economics and Political Science and works at STICERD attached to the LSE. He is the General Editor of the Macmillan series of the Classics in the History and Development of Economics. His previous publications include Why Has Japan `Succeeded'?, as well as volumes on general economic theory, the history of economic thought and the socio-economic aspects of the development of Japan.

'Morishima casts his intellectual net broadly. He probes social, cultural and economic factors for answers to the dual enigma of Japan's earlier vitality and its current stagnation. In doing so, he accomplishes the unusual feat of both seeing how organizations and individuals actually behave, and presenting analytic concepts with practical explanatory value.' - Kent E. Calder, Japan Quarterly

• Preface Acknowledgements Introduction Ideology and Economic Activity: An International Comparison Transformation from Feudalism to Capitalism in Japan Japanese Financial System: Its Solidarity and Vulnerability Japanese Enterprise as Private Sector Bureaucracy Severe Wage Differentials Persisting in Japan Agony towards Capitalism from Below A Perspective on Japan in the Coming Century Notes Bibliography Index