The company in Japan failed after 1500 years of business
In Japan, went bankrupt one of the oldest company. Developer Kongo Gumi was founded in 578 ad and has existed for almost 1500 years. For fifteen centuries the company has endured all possible hardships, including the nuclear bombing of Japan during world war II. But dubious economic reforms even she was not capable.
In 578 G. talented Korean architect Shigemitsu the Congo arrived in Japan at the personal invitation of the Emperor. In those days, the various pagan beliefs of the rising sun was rapidly replaced by Buddhism. As in all feudal countries of Europe, the Japanese Emperor personally felt all the advantages of the control population, United by one religion. From the point of view of the authorities is much easier than to deal with disparate Gentiles. But here’s the problem: experience in construction of classical Buddhist temples the Japanese was zero.
Enterprising Shigemitsu quickly learned and understood that his business prospects extend for decades to come. It turned out that the Korean architect of “a little” was wrong: cases enough for all his descendants in the 15th centuries ahead. Himself Shigemitsu by order of the Imperial family built the famous temple of Shitenno-JI temple, which still stands in Osaka.
The temple of Shitenno-JI (Osaka)
Over time Kongo Gumi began to deal in other projects, but the churches continued to be its specialization. In the XXI century construction of religious facilities has brought the company more than 80% of revenue. Problems Kongo Gumi began in the 80s. the Story is suspiciously familiar: the Bank of Japan have been held too long at an extremely low rate levels, the company has typed debts, which then became too difficult to maintain.
In 1989, the bubble burst. But Kongo Gumi went bankrupt not once: she barely trudged forward many years (not without reason in Japan was born the term “company-zombie”). All profits went for servicing old debts. Moreover, for these purposes, I had to take new loans. In the end, the company decided on bankruptcy, so as to get out of the debt hole it was simply impossible.
In addition to nuclear bombing, Kongo Gumi was able to survive even the restoration Maze, and this is something even bigger nuclear bombs. From 1868 to 1889, the Japanese government deliberately eradicated Buddhism, that old-time religion did not distract people’s attention from the divine person of the Emperor and liberal reforms (such is the strange combination). So for 20 years on the construction of new temples and of the question. Kongo Gumi was done but the credit bubble and the ‘Lost decade’ (already, incidentally, on the twentieth anniversary) was not her on the shoulder.
