Dual Structure of Emerging Japan: Revisit to Economics of Peasantry
Analysis of the Japanese Capitalism by Moritaro Yamada, a representative Marxian economist in Japan in the 1930s, was an innovative work in four points. First, it described the Japanese economy as a two-sector economy that contained the capital stock and the consumption goods sectors, second, pointed out the duality composed of the modern sector whose productivity was relatively high and the traditional sector whose productivity was relatively low, third, argued that the authoritarian risk-bearing mechanism worked in the traditional sector, and fourth, discussed that while the stability of society and the chronic stagnancy of productivity had coexisted, the structure was then being dismantled, at the time when economics did not have analytical tools for the two-sector economy, duality, risk sharing, and dynamic transition in the growth path. This paper places his argument on the duality and risk sharing in an analytical framework and rephrases its implications.
|Date of creation:||23 Feb 2008|
|Date of revision:||22 Feb 2017|
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