Earlier quoted context omitted.
What article were you reading? This article isn't idealizing Japanese companies, and specifically discusses the drawbacks of the Japanese approach, including zombie companies. The article's thesis statement isn't "the Japanese approach is better," but that business practices like these bundle together, that they're very difficult to change, and that each bundle has different advantages and disadvantages. Ironically,…
I did read it, but my impression remains the same. While the article does contain critiques of the Japanese system, as an East Asian, I feel it completely misses the actual underlying dynamics. I know the author isn't trying to paint Japan as a utopia. The reason I call it 'romanticized' is because the author claims Japan's success in precision parts is driven by 'horizontal' and 'collaborative' practices. That just…
Walmart and Amazon ruthlessly squeeze their suppliers. They achieve low prices on some things and try to corner the market on others (and then raise prices). What I don't see them achieving (to the contrary, I see them failing spectacularly at) is the quality control that some Japanese companies excel at.
So there has to be something more to it than that.