Publication

This paper emphasizes causes of Japan's predicaments that are not examined from an institutionalist point of view. It argues that the conventional 'flying geese' (FG) model of catch-up strategy has so far neglected the institutional dimension of such a catch-up, that Japan's financial imbroglio is paradoxically the very outcome of its successful FG strategy that was once pursued under a special set of institutional arrangements, and the market driven reforms have begun to compel Japan to remold itself more compatible with the norms of global capitalism.