corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism … externality since the existence of corrupt entrepreneurs hurts good entrepreneurs by reducing the electoral appeal of capitalism …

institutional changes played an important role in creating a national capital market in Japan. In particular, the diffusion in the … use of the telegraph, the growth in commercial branch banking networks, and the development of Bank of Japan's branches …

, the paper documents parallel institutional developments in the U.S. and Japan towards corporate welfarism during the 1920s …, most major employers in Japan maintained their implicit contracts, while developing institutional arrangements to mitigate … the cost of long-term commitment. In contrast to the U.S., labor laws in Japan developed complementary to private welfare …