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What type of Economic System does Japan have?

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Government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan advance with extraordinary rapidity to the rank of second most technologically powerful economy in the world after the US and the third-largest economy in the world after the US and China, measured on a purchasing power parity (PPP) basis. One notable characteristic of the economy has been how manufacturers, suppliers, and distributors have worked together in closely-knit groups called keiretsu. more
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Its a mixed economic system with some aspects of capitalism and some aspects of socialism. Very few countries exists today with just strictly one type of economic system. more
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