Is a term sometimes applied to the capitalist systems of countries like Germany and Japan, where investors make long-term commitments of finance and are prepared to accept (in international terms) relatively low rates of return on capital. This investment strategy on the part of financiers is said to support a long-term orientation to workforce management in these countries. The latter is characterized by relatively heavy investment in training and development, secure employment, and a cooperative system of industrial relations. [See coordinated market economy and varieties of capitalism.]
Subjects: Human Resource Management.