Collective capitalism places an emphasis on cooperative long-term relationships, resulting in an economy directed by "relational markets". An example of this is interlocking share ownership, in which many companies own shares in other companies; this results in a spirit of cooperation between the involved companies, since each has an interest in the other's performance. An important example of this is the Japanese economy, in which 40% of the shares traded on the Tokyo Stock Exchange are owned by the collection of industrial groups known as the kigyo shudan, and a further 30% are owned by the network of cross-shareholdings known as the keiretsu. This results in a stability of ownership, since the potential for hostile takeovers is lessened, and also "friendly" competition; companies are en