Japan's Ultimately Unaccursed Natural Resources-Financed Industrialization / Randall Morck, Masao Nakamura.

Format:

Book

Author/Creator:

Morck, Randall.

Contributor:

National Bureau of Economic Research.

Nakamura, Masao.

Series:

Working Paper Series (National Bureau of Economic Research) no. w22865.

NBER working paper series no. w22865

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2016.

Summary:

Japan's successful industrialization in the late 19th and early 20th century largely exhausted its then abundant natural resources. Rather than exemplifying rapid development in the absence of natural resources, Japan shows how laissez-faire government and successfully transplanted classical liberal institutions, including active stock markets, exorcised a natural resources curse that undermined its prior state-led industrialization strategy. Japan's post-WWII reconstruction relied little on natural resources and more on bank financing and state direction, but was not an example of an initial industrialization.

Notes:

Print version record

November 2016.