By J K Galbraith
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Additional resources for American Capitalism: The Concept of Countervailing Power
3 Elites also recognized they had to move in one of two directions: ( 1 ) they could dismantle this obsolete system, relying more on unfettered markets and less on firmly established relationships to carry out exchange, or ( 2 ) they could try to expand the scope of the system ; that is, they could try to rescue relationalism by extending its social networks into a new and more fertile environment in which firms might still be adopting existing technology, and thus one in which selective relationalism might yield net gains.
It built a massive pyramid, using a number of first-tier subcontractors who called on a larger number of sec ond-tier subcontractors, who relied on an even larger number of third-tier subcontractors, and so on. Nishiguchi and Beaudet ( 1 999) have docu mented the solidarity of Toyota' s supply club. In 1 997, when a fire destroyed 3 1 . Surveys by the Small and Medium Enterprise Agency show that the ratio of subcontrac tors to the total number of small and medium firms in Japan 's manufacturing sector climbed steadily between 1 966 and 1 98 1 .
27. " I discuss this further below. 28. The Dai-ichi Kangyo group was not actually formed until 1971 , when two banks-Dai ichi and Kangyo-merged. 29. See Sheard ( 1 994, 333-338) . 30. Pascale and Rohlen ( 1 983) do a fine job of telling (and analyzing) these events. 54 Part One: Base l i ne Nakatani ( 1 984) , as well as Lincoln, Gerlach, and Ahmadjian ( 1 996) , have demonstrated empirically that horizontal keiretsu serve a useful purpose at least in the event that the economy is still developing or maturing.
American Capitalism: The Concept of Countervailing Power by J K Galbraith