An Analysis into the Transformation of the Mode of Regulation in Japanese Capitalism in Changes in International Environments and Industrial Structures

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In this research, we analyzed the transformation of the mode of regulation in Japanese capitalism in changes in international environments and industrial structures. The main results of the research is as follows. (1) Wage-labor nexus : in this research, we grasp the characteristic structure of the Japanese wage-labor nexus by the theoretical framework of "the Hierarchical Market-firm Nexus". In the recession in the 1990s, the long-term employment of male regular workers in a large company has not shown symptoms of its complete breakdown, though the group of such workers has been much smaller. Furthermore, we have not seen the complete breakdown of incentive mechanisms of ensuring long-term employment and the "structural comparability" of institutions. (2) The financial system : Since the 1970s, "the mode of financial regulation" in Japan has undergone drastic changes due to the development of the bond market caused by the increasing amount of government bonds and the internationalisat … More ion of the financial market. As a result, risk management became difficult to organise well in the 1980s, and this gave a cause for the formation of "bubble" in the second half of the 1980s. In the 1990s, the "bubble" collapsed, and the pressure of debt deflation has made the recession last for a long time. (3) Industrial structures and macroeconomic structures : as a result of "export-investment growth" after the 1970s, "unproportional productivity growth" between the sectors has been produced. Under these conditions, the rate of profit started to fall at macroeconomic level due to over accumulation in the late 1980s. In the recession in the 1990s, "negative de-industrialisation" and stagnation in the tertiary industry have been lasting. (4) International relations : in the Asian region, the "wild-goose-flying shape" international division of labor has been developed on the basis of cost differentials between Japan and other Asian countries, which is the characteristic form of internationalisation in Asia. We analyzed the nested and over-determined structures of "modes of regulation" and macro dynamics both theoretically and empirically from the viewpoint of the theory of regulation. Less