Pursuing German and Japanese war criminals and gaining compensation for survivors were high on the agenda of the victorious Allies after 1945. Enthusiasm, however, waned considerably and unforgivably in the context of the Cold War and partial restoration of pre-war elite networks. Long-term continuities in business–government networks in the coordinated economies of Germany and Japan meant that some of those who had been charged with war crimes – and/or those whose wealth derived at least in part from activities associated with the war – figured prominently in major post-war scandals. Over time, however, those directly tainted with pre-1945 crimes and practices begin to retire and die off. Moreover, the export orientation of both countries, combined with other aspects of the globalisation of business, finance, and markets, also changed the composition and dynamics of elite networks. This happened more rapidly and thoroughly in Germany than in Japan, owing to Germany’s greater dependence on exports; its central role in the European Union; and its greater openness to foreign imports and investment. German corporate governance therefore experienced more far-reaching reform than its Japanese counterpart. For many of the same reasons, Germany has made greater strides towards coming to terms with its pre-1945 past than Japan.