Japan’s Ultimately Unaccursed Natural Resources-Financed Industrialization

Randall Morck and Masao Nakamura

No 22865, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: G3 N25 O14 O53 P28 (search for similar items in EconPapers)
Date: 2016-11
New Economics Papers: this item is included in nep-env, nep-gro and nep-his
Note: CF
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Published as Randall Morck & Masao Nakamura, 2017. "Japan's Ultimately Unaccursed Natural Resources-Financed Industrialization," Journal of the Japanese and International Economies, .
Published as Japan's Ultimately Unaccursed Natural Resources-financed Industrialization , Randall Morck, Masao Nakamura. in Corporate Governance (NBER-TCER-CEPR Conference) , Allen, Fukuda, and Hoshi. 2018

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Chapter: Japan's Ultimately Unaccursed Natural Resources-financed Industrialization (2018)
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