}apan s New Capitalism and Its Consequences

With its seeming emphasis on the interests of shareholders, Japanese capitalism has come to resemble that of the United States. A remaining difference, however, is the continuation of lifetime employment in Japanese companies. Many have pointed to the problem of employment under Japan’s new capitalism- more lay-offs and non-regular employees. In debates over the advent of Japan’s new political economy, regular employees are regarded as successful survivors of change. Contrary to the general assessment, this study argues that these employees are increasingly vulnerable, though lifetime employment continues. They are maintaining their jobs, but losing their power vis-à-vis company’s shareholders.