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Japan’s Ultimately Unaccursed Natural Resources-Financed Industrialization

Listed author(s):
  • Randall Morck
  • Masao Nakamura

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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 22865.

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Date of creation: Nov 2016
Handle: RePEc:nbr:nberwo:22865
Note: CF
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