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Japan's Ultimately Unaccursed Natural Resources-financed Industrialization

In: Corporate Governance (NBER-TCER-CEPR Conference)

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  • Randall Morck
  • Masao Nakamura

Abstract

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.
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Suggested Citation

  • Randall Morck & Masao Nakamura, 2018. "Japan's Ultimately Unaccursed Natural Resources-financed Industrialization," NBER Chapters, in: Corporate Governance (NBER-TCER-CEPR Conference), National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberch:14056
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    More about this item

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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