Summary of the book The Power to Compete

The book The Power to Compete: An Economist and an Entrepreneur on Revitalizing Japan in the Global Economy is one of the best books in the field of entrepreneurship. The book deals with the problem of Japan at the present time, as the third largest economy in the world has suffered a noticeable decline and growing problems that threaten it to go backwards. It includes between the lines details and advice that can be used in the field of business, especially managing companies and even managing countries and leading them towards a better situation and emerging from crises that threaten us with moving to a worse situation. Subject of the book The Power to Compete Japan must take bold steps to reverse its economic stagnation. Economist Ryuichi Mikitani and Internet entrepreneur Hiroshi Mikitani write that they do not believe the economic program led by Prime Minister Shinzo Abe is doing enough to solve Japan's problems.

What does Japan need to become great again? Instead, the nation needs to increase its competitiveness, efficiency, and innovation by reducing government regulation, eliminating layers of bureaucracy, moving away from Japan's business tradition, and reducing taxes and government costs. The authors also argue that making English the language of business in Japan, liberalizing the rules governing foreign workers in Japan, and allowing foreign companies to take over failing Japanese businesses would help boost the country's economy.

Summary of the book The Power to Compete Japan must improve its operational efficiency. Government regulations hinder companies and their tradition of giving employment for life, and prevent employers from diluting their operations. As Japan must become more innovative, policies such as setting product standards that differ from global standards to prop up failing industries may stifle innovation. Immigration rules and language barriers make it difficult to recruit the brightest minds from abroad who can help drive innovation.

Prime Minister Shinzo Abe's plan to revive the economy may be bolder. The huge national debt, risk-averse banks and fear of inflation could all be obstacles to his economic plans. Japan must reduce the cost of governance. The nation has a large bureaucracy that needs to be reduced, and the use of technology can be one way to reduce the number of civil servants. The government must also reduce corporate taxes and the cost of electricity from regional monopolies. Japan must become more globally minded, and the country should encourage students to study abroad, allow foreign companies to take over Japanese companies, and make other efforts to ease the country's protectionist policies.

Japan must modernize its education system. Instead of focusing on rote memorization, schools must teach students critical thinking. English and technology courses should be required, and schools should use online educational tools. Japan must build its brand. Attracting more tourists, allowing more foreign athletes to play in Japanese leagues, and persuading foreign companies to locate their regional headquarters in Japan are all ways the nation can increase international awareness and value of the Japanese brand.

Lessons for Arab countries and isolated companies: Through the book itself, we can derive the same lessons directed at Japan to apply locally, as many of these problems that the third largest economy in the world suffers from are also suffered by local countries. It is also a lesson for companies that refuse innovation and individuals who do not develop themselves and are content to reach a certain good level without developing themselves. To read this book, you can download it from here.

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