Word: vogel
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Dates: during 1980-1989
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Japan's past economic success stems, in large part, from its business philosophy, Vogel said. While American companies tend to react drastically to economic crises, Japanese businesses are more likely to "tighten their belts and ride out" economic problems, he explained...
Japan's current dominance of the international market is primarily due to the high level of automation in its manufacturing facilities, Vogel said...
...superiority of the service industry in Japan--especially the financial institutions--also accounts for their preeminence on the international scene, said Vogel. "The three top banks in the world are Japanese, and Japanese banks last year loaned more money than the banks of any other country," he added...
...emphasis on research and development of new and better products is another reason for Japanese industrial dominance, Vogel said. Japan's research is moving in "a very strong direction," Vogel said, and this explains the consistently high quality of Japanese products...
...despite these advantages, said Vogel, Japanese business is still not completely accepted in the international market...