Japan will eclipse a slowing America
Dec 03, 2021
3 minutes
Japan might be said to have invented stakeholder capitalism. Its companies have long proclaimed an allegiance to the “five joys”: employees, customers, suppliers, society and last of all, shareholders. The relatively poor returns from Japanese stocks in recent decades stem largely from this disdainful attitude toward equity owners. By contrast, US companies put shareholders’ interests first and delivered far superior returns. But now that the US is leaning towards stakeholder capitalism, Japan is moving in the opposite direction.
After Japan’s bubble
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