Mark Ramseyer, blessed with the ability to read Japanese - he spent his boyhood here - and an immunity to the anecdotal tale-spinning of sociologists and historians so sound it might be termed “robust” in certain circles, “goodthinkful” in others.

Meanwhile, few properly credentialed right-thinking Western economists read Japanese so they “repeated bizarre tales told by sociologists” rather than relying on “sophisticated financial studies.” (p. If they have the temerity to call themselves economists, they dabble with such dubious notions as RSI theory (Ronald Gilson) or “relationship banking” (Hugh Patrick). Miwa and Ramseyer draw attention to the fact that they are political scientists (Ulrike Schaede/ Kent Calder/ Daniel Okimoto/ Chalmers Johnson), historians (John Dower/ Sheldon Garon/ William Lockwood), business or law school professors (Michael Gerlach/ Carl Kester/ Frank Upham/ Curtis Milhaupt) or even, heaven help us, sociologists (Ronald Dore/ Ezra Vogel). How is it that two generations of scholars – not to mention roomfuls of bankers – could be so deceived? Well, you see, most scholars of Japan in the West who can read Japanese are not trained economists or at least not the right kind of economist. Not only that, the notion of a “main bank” that steps in to assist troubled companies is a “myth” moreover, “Japanese firms do not maintain a ‘main bank system’ and never did.” (p. For they contend in T he Fable of the Keiretsu: Urban Legends of the Japanese Economy (University of Chicago Press, 2006), that there “are no keiretsu and never were.” (p. But maybe our manager was right after all. Of course you can’t expect fresh-off-the-plane gaijin to know about such distinctive features of Japanese business life as “main banks” and business groups – a.k.a. At that time, Sumitomo Bank was regularly seconding its own people to the then-troubled beer maker including two of its presidents. Because Asahi was the Sumitomo group brewer and naturally the Sumitomo Bank served as the company’s so-called “main bank”. Our manager should have said he enjoyed Asahi Beer, not Sapporo. Most of us from Chase looked at the floor while our hosts tittered politely. “And the beer is great,” he went on, glancing at the drink in his hand. The scene: a party at the Sumitomo Bank back in 1984 for the new manager of Chase Manhattan’s Tokyo branch where I was then working.

R taggart murphy