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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.

Suggested Citation

  • NAKABAYASHI, Masaki, 2008. "Dual Structure of Emerging Japan: Revisit to Economics of Peasantry," ISS Discussion Paper Series (series F) f144, Institute of Social Science, The University of Tokyo, revised 22 Feb 2017.
  • Handle: RePEc:itk:issdps:f144

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    References listed on IDEAS

    1. Tetsuji Okazaki, 2003. ""Voice" and "Exit" in Japanese Firms during the Second World War: Sanpo Revisited," CIRJE F-Series CIRJE-F-243, CIRJE, Faculty of Economics, University of Tokyo.
    2. Toya, Tetsuro, 2006. "The Political Economy of the Japanese Financial Big Bang: Institutional Change in Finance and Public Policymaking," OUP Catalogue, Oxford University Press, number 9780199292394 edited by Amyx, Jennifer A..
    3. Yutaka ARIMOTO & Tetsuji OKAZAKI & Masaki NAKABAYASHI, 2010. "Agrarian Land Tenancy In Prewar Japan: Contract Choice And Implications On Productivity," The Developing Economies, Institute of Developing Economies, vol. 48(3), pages 293-318.
    4. Arimoto, Yutaka, 2005. "State-contingent rent reduction and tenancy contract choice," Journal of Development Economics, Elsevier, vol. 76(2), pages 355-375, April.
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    More about this item


    Peasant economy; tenancy contract; risk sharing; two-sector model; Japan;

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law


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