A chemical firm should generate profit by the development of innovative technologies and new products of its own, which can in turn generate resources for future research and development. This has been the case in Europe and in the United States.
On the contrary, management of the Japanese chemical industry has been guided by so called “the spirit of business”,
i. e. Japanese chemical companies have been trying to generate profits mainly from commercial transactions of commodity chemicals, by paying little attention to the importance of basic R & D.
This seems to be the major reason as to why the development of truly innovative technology has not been successful in the Japanese chemical industry. I believe that it is a prerequisite for the Japanese chemical industry to liquidate such mercantilistic thinking and establish a new managerial philosophy,
i. e. the chemical firm should achieve its growth and development through the creation of own innovative technologies.
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