This is an important story from the Japan Times. It’s a good read. Check it out!
There are significant parallels here for the Eurozone and the UK.
I remember well visiting a factory in Japan in the 1970s and my manufacturing colleague asked me to spot the differences from our UK factory. He responded there’s no difference, just the short-term thinking of Western management – we were part of a US multi-national, driven by quarterly earnings announcements.
However, I soon learned that there was an enormous difference between Japan’s major exporting companies, driven by innovation, and the rest of the economy.
Much of Japan’s economy, especially the service sector is heavily protected from effective competition. In this respect, it is similar to Europe.
Ultimately, it is best to open up to global competition but armed with an effective industry strategy, and a plan to improve worker productivity.
So why are Europe’s political classes, including the European Commission ignoring Best Practice?