Shareholder Capitalism Undermines National Industrial Strength

Yozo Naotsuka argues that over the past 40 years the United States and Japan adopted shareholder‑centric capitalism that prioritized short‑term returns, offshored production, and transferred industrial know‑how to China. He warns the AI era raises the stakes, as inequality and hollowed supply chains undermine national competitiveness. The piece calls for a national economic strategy prioritizing long‑term productive capacity, workforce development, and strategic sectors.