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Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have beg

This book is not another parable of Japan's economic success; it provides rich and systematic descriptions of Japanese microeconomic institutions and interprets their work in terms familiar to Western economists. A systematic, in-depth analysis of Japanese institutions of this kind has never been available before. In making his comparative analysis of the Japanese system, Professor Aoki critically examines conventional notions about the microstructure of the market economy that have strongly shaped and influenced economists' approach to industrial organization (e.g., hierarchy as the alternative to the market, the firm as a propery of the stockholders, and market-oriented incentive contracts). While these notions may constitute an appropriate foundation for the analysis of the highly market-oriented Western economies, the author has found that a more complete understanding of the Japanese economy requires us to broaden such 'specific' notions. At one level, therefore, this book may be

In this classic text, Masahiko Aoki explores how the 2008-9 financial crisis demanded a re-examination of the role of corporations and the working of financial markets around the world, providing a co

The 2008-9 global financial crisis demands we look anew at the role of corporations and the workings of financial markets around the world. In this challenging and insightful book, one of our most emi

China has enjoyed a higher growth rate for a longer period than any other nation to date, but a new consensus is emerging that China is now facing a crucial turning point. This volume is unprecedented

China has enjoyed a higher growth rate for a longer period than any other nation to date, but a new consensus is emerging that China is now facing a crucial turning point. This volume is unprecedented

Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated wit

This book explores why different patterns of economic development and growth have been observed across different regions and over time. Drawing on the contributions of outstanding scholars in comparat

This collection of essays from eminent scholars discusses different phases and measures of economic development, evaluating the success of national economic transitions and providing valuable policy l

This volume explores how complex economic transactions can be treated in economics, as well as how societies bring order to complex economic and social transactions through various institutional devic

This volume explores fundamental macroeconomic and financial issues of today from fresh perspectives. Bringing together leading scholars and practitioners in the fields, it analyzes the light that the

This volume explores fundamental macroeconomic and financial issues of today from fresh perspectives. Bringing together leading scholars and practitioners in the fields, it analyzes the light that the

This volume explores how complex economic transactions can be treated in economics, as well as how societies bring order to complex economic and social transactions through various institutional devic