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Opinion

How to revive Japanese innovation

Companies must cut middle management layers that block entrepreneurial ideas

| Japan

Sixteen years after graduating from Harvard Business School, I find that many of my American classmates, now in their mid-40s, have semiretired. They are, as they say, managing their own money.

The drive for self-made success drives bold innovation. But it helps concentrate wealth in so few hands that today top 1% of households own more wealth than bottom 90% combined. Populism and social unrest is the result.

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