MMC, once in the clutch of Daimler-Chrysler and then 'private equity' interests (from the US and in Japan, though these obviously overlap) is back in the Mitsubishi keiretsu of related companies and financiers. It just reported healthy profits. It would be interesting to compare MMC with Chrysler. But then again, it would also be interesting to compare MMC with Mazda (which has been in the control of Ford for years). Both of the latter are out of the Toyota-Honda-Nissan league of Japanese automobile manufacturers. Both compete for the distinction of being, domestically speaking, Japan's Number 4.
But for all these companies, health insurance and retirement are handled in national systems. Unions are rather gutless, but they also don't compete with manufacturers and financial companies over retirement fund investment portfolios. OTOH, because of intentional neglect, the national government's MISmanagement of the national retirement systems (really an un-unified set of schemes), most of the public are disillusioned about national retirements. For one thing, the agency that oversees the computer system can't find tens of millions of account holders because they have lost the names. But then again, there is also a long tradition of 'self-employed' people (right on up to prime ministers) supposed to responsible for making payments into the system through local offices. The fact is many of these people simply haven't been making any payments (no doubt some will even try to collect retirement now that the government says it can't verify whose names belong on tens of millions of accounts). That makes good sense from the perspective of the elite--sabotage government management of the retirements while signing Japan Inc.'s banks and investment companies on to 'BIG BANG' financial reforms patterned after Thatcher-Reagan. Meanwhile, the national postal system (of mail, of savings accounts, and of insurance, including supplemental health and retirement plans) is being privatized and will eventually be floated as a stock company. If the stock that is sold doesn't just end up in the hands of the elite few (like JR and how many other privatizations), it will end up in the hands of private equity groups that control Asian banks and insurance companies--like Cerberus, but also Lone Star and Ripplewood and Carlyle Group. Never saw Hudson discuss any of this in his updated book or on any list, including the now largely moribund A-List. CJ _______________________________________________ Marxism-Thaxis mailing list Marxism-Thaxis@lists.econ.utah.edu To change your options or unsubscribe go to: http://lists.econ.utah.edu/mailman/listinfo/marxism-thaxis
