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Japanese businessmen like the idea of an Anglo-Saxon economy but not the reality

By John Plender   May 1997

The former prime minister James Callaghan once remarked of his successor that the further one went from Britain, the higher the esteem in which Margaret Thatcher was held. Having recently returned from Japan, I can vouch for the truth of this barbed compliment. Wherever I went in Tokyo, politicians, bureaucrats and businessmen volunteered profound admiration for the lady.

Among other things, this enthusiasm is a symptom of decline of Japan Inc-the model of egalitarian corporate capitalism in which the Japanese entrusted the management of the country to a bureaucratic and business elite while working furiously in pursuit of economic growth.…

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