> So what is the common thread? Free markets. Not when it comes to Japan. During the post-war boom era the majority of its largest businesses were conglomerat

> So what is the common thread? Free markets. Not when it comes to Japan. During the post-war boom era the majority of its largest businesses were conglomerates with interlocking ownership structures that prevented accountability to shareholders. In addition to that a large amount of corporate investment was state-directed by the Ministry of International Trade and Industry (MITI). It was an effective system (at least for a time) but not one that can be accurately described as driven by free markets.