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How the Worlds Greatest Economy Revived, Renewed, and Reinvented Itself
Focus Take-Aways
Leadership & Mgt. The image of Japan as a failed economy is out of date. Japan reinvented itself again.
Strategy
Japan's martial and literary tradition of bushido has made it easier for the Japanese
Sales & Marketing
to embrace change, even extreme change, and to accept reversals with equanimity.
Corporate Finance
Western heroes stem from politics or business; Japans tend to be warlords.
Human Resources
Technology & Production
The samurai spirit guided the post-World War II reconstruction of Japan and
Small Business
established Japanese corporations as world-beating organizations.
Economics & Politics Good organizations will learn from the samurai and be hierarchical enough for
Industries & Regions leaders to execute, but decentralized enough to encourage creativity and innovation.
Career Development Business leaders must tell hard truths, outline clear goals and metrics, and follow
Personal Finance up frequently. Make tacit knowledge explicit and always emphasize learning.
Concepts & Trends Listen to the young. They may see something important that the old miss.
Do not waste time developing grandiose mission statements. Crisp, concise, well-
crafted mission statements are important management and motivation tools.
Be open to new and different ways of thinking. Multilingual Japanese are more
numerous than multilingual Americans. Learn the important lesson in this fact.
Belief in its cause is a company's most powerful advantage and its leaders'
strongest raison dtre.
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Recommendation
Do you remember the 1980s cascade of management tomes extolling the ancient
principles of Japanese management? Welcome back. At that time, Japanese corporations
were asserting themselves globally and seemed invincible in almost every industry. Then,
everyone wanted to learn from Japan (to the prot of many authors and consultants).
However, the collapse of the Japanese stock market in 1989 precipitated a new way
of thinking about Japan. Instead of being a global exemplar, Japan became a global
disgrace as news emerged of nancial corruption, of inexible bureaucracy, of agency
risk gone amok, of self-serving and incestuous dealings between banks and companies,
and, above all, of the insane overvaluation of Japanese stocks and real estate. Now, 15
years after the collapse, in the wake of a few years of apparent Japanese recovery, though
not a rebound to 1980s levels, authors Mark Fuller and John C. Beck dust off the myth
of ancient Japanese magic. They offer a skillfully retailored hand-me-down of a familiar,
somewhat imperial suit. The emperor may still lack a full wardrobe, but not everything
is old. The book includes some novel ndings from recent attitudinal surveys of Japanese
managers, and observations from a handful of Japanese companies that have managed
a turnaround. getAbstract.com suggests this as an interesting ride on the swinging
pendulum of the Japanese economy, with a look at what makes it tick.
Abstract