Collective capitalism was a theory that was advanced by American economist G. Means in the 1960s. It was intended to overcome the failings of traditional capitalism, using the Great Depression in the 1930s as an example.[1] It rejects the principles advanced by Adam Smith, who created the notion of the "invisible hand" of 'self-correcting' market forces. The theory expresses the capitalist socialization of production, but only in a distorted manner. Japan's collective capitalism relies on cooperation, but ignores the fact that the means of production are private. It cannot be considered socialist because the means of production belongs to corporations.
^Means, Gardiner C. (1969). "The Problems and Prospects of Collective Capitalism". Journal of Economic Issues. 3 (1): 18–31. doi:10.1080/00213624.1969.11502906. JSTOR 4223994.
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