MITI and the Japanese miracle

Page 159

TABLE

10 (cont.)

Name

^a

Total capital in yen

Remarks

II. 1940

(Thousands)

1. Japan Steel (1)

1,242,321

Est. 1934. Today New Japan Steel.

2. Mitsubishi Heavy Industries (2)

969,491

3. Oji * Paper

562,088

4. Hitachi Seisakusho (4)

552,515

Est. 1920. Today Hitachi, Ltd.

5. Japan Mining (30)

547,892

Est. 1912.

6. Japan Nitrogenous Fertilizer ()

540,344

Est. 1906. Postwar Chisso, Ltd.

7. Kanegafuchi Textiles

434,716

8. Tokyo Shibaura Electric (Toshiba*) (8)

414,761

Est. 1904.

9. Mitsubishi Mining

(53)

407,555

Est. 1918.

10. Sumitomo Metals (7)

380,200

Est. 1915.

III. 1972

(Millions)

1. New Japan Steel

2,113,335

2. Mitsubishi Heavy Industries

1,648,235

3. Nippon Kokan* (Steel Pipe)

1,162,308

Est. 1912.

4. Hitachi, Ltd.

1,036,178

5. Ishikawajima-Harima

982,021

Est. 1889.

6. Nissan Motors

949,029

Est. 1933.

7. Sumitomo Metals

930,197

8. Toshiba, Ltd.

852,999

9. Kawasaki Steel

843,838

Est. 1950.

10. Kobe Steel

683,629

Est. 1911.

SOURCE

: History of Industrial Policy Research Institute,

Waga kuni

daikigyo

*

no keisei hatten katei

(The formation and development of big business in our country), Tokyo, 1976, pp. 26, 38, 56.

^a

Numbers in parentheses are the rank in 1972 of those corporations still in existence in that year.

oriented solely to the maximum use of existing facilities rather than to investment in new installations.

²

Although Cohen and the Japanese analysts are critical of this policy, it is hard to imagine what alternatives were available to MCI, given the fact that Japan had already entered the war, thereby endangering its most vital imports, before the industrial implications of a