Konosuke Matsushita “Make Collective Wisdom the Power to Grow”—Stories Behind Panasonic History Episode 10

The true worth of participative management through collective wisdom was tested at the Annual Management Policy Meeting in January 1956, where 61 year old Konosuke announced the Matsushita Electric* Five-Year plan.

During the postwar recovery, as Japan’s economy was on the way toward an era of rapid growth, Konosuke set an ambitious goal: to raise sales to 80 billion yen, roughly four times the level at the time, within five years. Employees could hardly conceal their astonishment at the sheer scale of this target.

But Konosuke was adamant.

“This plan is the numerical embodiment of people’s longing to live lives of greater abundance. If we commit ourselves fully to participative management, we will surely succeed.”

In the Annual Management Policy Meeting the following year, he further declared, “Matsushita Electric is managed through our collective wisdom. If the wisdom of each individual is gathered and put to proper use, that power will undoubtedly result in great contributions to society.”