Special Issue: Issues in Asia. Guest Editor: Laixun Zhao

Masaki Nakabayashi

Review of Development Economics, 2014, vol. 18, issue 2, 254-271

Abstract: An intrinsic feature of a pre-modern society is in its fragmentary markets. Fragmentary markets are more likely to fail in the coordination of resource allocation. However, if a concentrated market is exogenously formed and the market could provide the only price to local markets, the market can work as a pivot of coordination for development. Treaty port markets imposed on nineteenth-century Japan worked as the pivot and ignited Japan's industrialization. We examine the silk-reeling industry, which was the major export industry and which led to Japanese industrialization, and the role of treaty ports in its development.

Date: 2014
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