Japan, in the 1980s, was supposed to be the future. Its industrial groups, protected by dense networks of banks, suppliers and friendly shareholders, were praised as more patient, more loyal and more strategic than America’s purportedly short-term capitalism. Germany, meanwhile, was sold as the humane alternative to Anglo-Saxon brutality: strong unions, worker participation, industrial discipline, export prowess and a “social market economy” that allegedly reconciled capitalism with solidarity.
Japan, Germany and Zombie Firms: The Quiet Suicide of Socialized Corporations
