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Capitalism without Capital

Geoffrey Hawthorn, 26 May 1994

The Endangered American Dream: How to Stop the United States from Becoming a Third World Country and Win the Geo-Economic Struggle for Industrial Supremacy 
by Edward Luttwak.
Simon and Schuster, 365 pp., $24, October 1993, 0 671 86963 9
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Japan’s Capitalism: Creative Defeat and Beyond 
by Shigeto Tsuru.
Cambridge, 277 pp., £24.95, June 1993, 0 521 36058 7
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... has kept firms at it. In his gentle, elegant and illuminating account of how this was done, Shigeto Tsuru, one of the most distinguished of the now-retired generation of Japanese economists and a principled advocate of a properly institutional approach to the subject, explains the driving images of this ‘administrative guidance’. At the ...

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