By W. J. Macpherson
The increase of Japan from a place of relative foreign obscurity within the mid-nineteenth century to that of 3rd biggest commercial kingdom within the Nineteen Eighties has elicited a tremendous volume of curiosity between teachers. This brief ebook presents an outline of jap financial heritage among 1868 and 1941. It introduces and surveys the present kingdom of scholarship on Japan, touching upon just about all components of the japanese historic adventure. A opt for bibliography (now up-to-date to 1994) is supplied to aid the reader pursue the topic in additional aspect.
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Extra resources for The Economic Development of Japan 1868-1941 (New Studies in Economic and Social History)
The necessity to look abroad was a function of both fast industrialisation and increasing military outlays culminating in the expensive war with Russia in 1904-5. There were large deficits on the balance of payments current account, peaking at 362 million yen in 1905, and amounting to over 1000 million yen from 1904 to 1913 [116, 334]. The result was a large inflow of foreign capital from 1897 to 1914. By 1914 about 60 per cent of the national debt was foreign-held. 5 per cent. Reubens [78, 227] sees the developmental process as one of 'limited secular disequilibrium', with a persistent tendency for demand to exceed supply, a tendency evinced in moderate inflation and encouraging investment and growth.
32 The economic development of Japan Government influence on industrialisation tended, therefore, to be indirect through its fiscal, monetary and exchange rate policies, banking, protection, the encouragement of cooperation and rationalisation and promotion of exports. There were quasi-public banks such as the Yokohama Specie Bank, the Industrial Bank of Japan and the Hypothec Bank, often in collaboration with the big five zaibatsu banks and special institutions for colonial development such as the Banks of Taiwan and Chosen, which had a chequered and sometimes scandalous career.
Social relations in agriculture were the object of the Meiji land reform and land tax revision of the 1870s. A consolidated land tax was introduced in 1873, with later amendments, based at the fixed rate of 3 per cent of the assessed value of the land, payable annually in money and, unlike its predecessors, not fluctuating with the harvest . The revision in tenure was less a revolution than the dejure recognition of the de facto existence of agrarian market relations and a landlord-tenant structure.