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The Mitsubishi Zaibatsu) Edited by Yasuo Mishima,Tokyo,Japan,Nihon Keizai Shimbun-Sha 1981,353Pages

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The Mitsubishi Zaibatsu) Edited by Yasuo Mishima,Tokyo,Japan,Nihon Keizai Shimbun-Sha 1981,353Pages MITSUBISHI ZAIBATSU (The Mitsubishi Zaibatsu) Edited by Yasuo Mishima,Tokyo,Japan,Nihon Keizai Shimbun-sha 1981,353pages. MITSUI ZAIBATSU (The Mitsui Zaibatsu) Edited by Shigeaki Yasuoka,Tokyo,Japan,Nihon Keizai Shimbun-sha 1982,350pages. SUMITOMO ZAIBATSU (The Sumitomo Zaibatsu) Edited by Yotaro Sakudo,Tokyo,Japan,Nihon Keizai Shimbun-sha 1982,414pages. Reviewed by Seishi Nakamura Tokyo College of Economics Translated by Barbara Molony The University of Santa Clara To date,pre-World War‡Ubusiness management has been the major focus of research in Japanese business history,with the liveliest research being done in the area of zaibatsu studies.Properly speaking,Japanese research on zaibatsu can be divided into two large categories,those studies taking an economic history approach and those taking a business history approach.Studies taking an economic history approach are based on a Marxist economic interpretation and understand zaibatsu as monopoly or finance capital.Mainly concerned with such issues as a zaibatsu's domi nance of an industry or its degree of economic concentration,these studies use exogenous environmental factors like market or economic change to explain zaibatsu capital accumulation and development.This group of studies includes Kazuo Shibagaki,Nihon kin'yu shihon bunseki(Analysis of Japanese Finance Capital)and Hiroshi Matsumoto,Mitsui zaibatsu no kenkyu(Research on Mitsui Zaibatsu).On the other hand,studies taking the business history approach use primarily internal managerial factors such as business philosophy,strategy,and organization,as well as man agers themselves,to elucidate the development of the zaibatsu.Repre sentative of this group are Shigeaki Yasuoka,ed.,Nihon no zaibatsu (Japanese Zaibatsu,Readings on Japanese Business History,vol.‡V), and Hidemasa Morikawa,Zaibatsu no keieishiteki kenkyu(Business History of Zaibatsu).Indeed,the liveliness of the recent Japanese research 179 on zaibatsu derives from the existence of two competing historiographical approaches. The works introduced in this review•|Yasuo Mishima,ed.,Mitsubishi zaibatsu;Shigeaki Yasuoka,ed.,Mitsui zaibatsu;and Yotaro Sakudo,ed., Sumitomo zaibatsu•|are published by Nihon Keizai Shimbunsha as part of its series of case studies in zaibatsu business history.All take an approach that is fundamentally business historical.Forthcoming volumes include Yasuda zaibatsu,Shinko zaibatsu(The new zaibatsu),Chiho zaibatsu(The regional zaibatsu),and Nomura and Yamaguchi zaibatsu. The three volumes already published share two features:all are collabo ratively written by three scholars,and all are edited to contain com prehensive histories of the companies from their founding (during the Tokugawa period in the case of Mitsui and Sumitomo,and during the early Meiji period in the case of Mitsubishi)until the dissolution of the zaibatsu after World War‡U.In addition,a detailed and relevant bibliography in cluding company histories and journal articles is appended to each volume . Of course,each volume uses a unique methodology and perspective in its historical treatment of the zaibatsu.For example,each section of the collaboratively written Sumitomo zaibatsu reflects the concern of its author:the section treating the period from the Tokugawa era to mid Meiji is considered from the perspective of socio-economic history,that- from mid-Meiji to early Showa,from a business historical perspective; and that from early Showa to the zaibatsu dissolution,from a perspective that focuses on the business philosophy of managers. Mitsubishi zaibatsu is a thematically organized historical narrative of the zaibatsu's business strategy•|its managers,business organization , management structure,and its various subsidiary groups(heavy industry, finance,mining,circulation,etc.).Each short chapter deals with one of these functions or categories.In Mitsui Zaibatsu,as in Sumitomo zaibatsu , the chapters are divided into historical periods corresponding to the development of the enterprise.Each chapter of the Mitsui volume is arranged around common themes such as business environment and organization,financial administration and business conditions,company structure and labor management.Yet each chapter is designed to maintain chronological coherence. These books are successful in attempting new approaches to the study of business history,including their introduction of the study of the various functions of management.It cannot be said,however,that their success is total.I believe the series'greatest shortcoming is its lack of effort to integrate the various facets of each independently described zaibatsu.It is also disappointing that the reader is left with neither an overall im- 180 pression of the management of each zaibatsu nor a clear image of its comprehensive business strategy.Moreover,I have some misgivings about the ambiguities in the authors'use of basic conceptual terminology.To be sure, business historical research on the zaibatsu is still in its preliminary stages;in future studies,various approaches should be tried to find which is most effective. The lively scholarly activity in the field of case studies exemplified by these three volumes has led to the discovery and dissemination of internal documents of the zaibatsu as well as the publication of company histories of their subsidiaries.The expanded base of zaibatsu research accom panying the increase in these case studies should produce additional com parative studies. Although these three volumes indicate some of the com parisons among the zaibatsu,international comparative research focusing on zaibatsu characteristics is still in the developmental stage.This suggests the need for further study of the international position of Japanese zaibatsu. The ultimate issue in Japanese zaibatsu studies will be to explain the great number of zaibatsu-family businesses managing enterprises unusually large and diverse by international standards-which developed in the course of Japan's industrialization.To do so,the various economic, business,and cultural reasons for the growth of the zaibatsu should be investigated.Current research into the causes for the development of Japanese zaibatsu falls into two theoretical categories.The viewpoint represented by Professor Shigeaki Yasuoka stresses traditional factors like the strong integration of the spirit and property of the family as symbolized by the family constitution(kaken)and the underlying family system(ie seido).The viewpoint represented by Professor Hidemasa Morikawa stresses such modern factors as salaried managers who propelled the multifaceted industrialization of the zaibatsu.In the future,investiga tion of these viewpoints as they relate to comparative case studies must be accompanied by vigorous debate. 181.
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