TITLE : KEIRETSU: INSIDE THE HIDDEN JAPANESE CONGLOMERATES

 
Contents
 
Preface ix
 
Introduction	1
 
1.  The Keiretsu around Us	7
	Understanding the Keiretsu Structure 8
	Horizontal Keiretsu 9
	Vertical Keiretsu 11
	Keiretsu Literacy 13
	Tracking the Who's Who 14
 
2.  Where It Began: The History of the Keiretsu	19
	Dawn of the Modern Era 21
	The Zaibatsu Are Born 22
	The Big Four Zaibatsu 25
	Growth of the Zaibatsu 27
	The Zaibatsu and World War II 29
	End of the Zaibatsu 31
	Reforming the Japanese Economy 33
	Reforming the Japanese Economy 34
	Birth of the Keiretsu 36
	Competition among the Keiretsu 39
	Nurturing the Keiretsu 40
 
3.  The Heart of the Keiretsu: Bankers and Traders	43
	The Main Bank 44
	How a Company Gets a Main Bank 45
	The Power of the Big Six Main Banks 48
	The Primary Functions of a Main Bank 49
	The Sogo Shosha 53
 
4.  The Ties That Bind	61
	Presidential Councils 61
	Cross-shareholdings 66
	I'll Buy Yours If You'll Buy Mine . . . 68
	Assigned Directors 70
	Intragroup Financing 74
 
5.  The Big Six Horizontal Keiretsu	75
	The Old versus the New 75
	Kanto versus Kansai 76
	How Big Is Big? 78
	Cross-shareholding Trends 81
	The Mitsubishi Group 82
	The Mitsubishi Group 88
	The Sumitomo Group 94
	The Fuyo Group 99
	The Sanwa Group 103
	The DKB (Dai-lchi Kangyo Bank) Group 109
 
6.  The Vertical Keiretsu	115
	The Production Keiretsu 116
	In Japan It's Always a Little Different 118
	Structure of the Production Keiretsu 121
	The Distribution Keiretsu 122
	The Vertical Keiretsu under Attack 125
 
7.  The Leading Vertical Keiretsu	133
	Automobiles 134
	The Toyota Group 134
	The Nissan Group 138
	The Honda Group 140
	Electronics 142
	The Matsushita Group 142
	The Hitachi Group 145
	The Toshiba Group 147
	The Sony Group 149
 
8.  Voices from Inside the Pyramid	153
	Round Table 154
	The Electronics Industry 169
	The Auto Industry 176
 
9.  Conclusions: The Past, the Present, ant the Future 193
	The Original Purpose of the Horizontal Keiretsu 193
	Was Keiretsification Successful? 194
	Why Do the Horizontal Keiretsu Still Exist? 195
	How Are the Vertical Production Keiretsu Changing?	199
	How Are the Vertical Distribution Keiretsu Changing?	203
	The "Keiretsu Problem" 205
	What about American Keiretsu? 207
	Afterword 211
 
Notes 213
 
Index 219