Endogenous Formation and Development of Capitalism in Japan

Yasukazu Takenaka

The Journal of Economic History, 1969, vol. 29, issue 1, 141-162

Abstract: Japanese historians have characterized the Tokugawa period (1600–1868) as an “early modern feudal system” (kinsei hòken seido). While there is disagreement on the nature of feudalism in general, and the form of feudalism in the Tokugawa period in particular, I believe that Tokugawa society does include the essential elements of a feudal system so as to justify this label. What is particularly conspicuous is that Japan, like Europe, experienced feudalism before the birth of the modern age. In the case of Japan, as Professor E. O. Reischauer has pointed out, feudalism permitted the development of a goal-oriented ethic, rather than a status-oriented ethic, a strong sense of duty and obligation, and excluded the non warrior class from political power. Professor R. N. Bellah has differentiated the social values of Japan's feudalism from those of European feudalism by stressing the element of “loyalty” in the former and identifying this value as a key to the modernization of Japan. Whatever the special characteristics of feudalism in Japan may be, all analysts agree that the term “feudalism” is appropriate as a description of Tokugawa society.

Date: 1969
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