Speed of the price and efficiency of the concession the treaty port market in Japan fs industrialization

Masaki Nakabayashi

No 08-14, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: Even after modern economic growth began in the Western world, the international market, which consists of a number of national and regional markets, has been more or less inefficient with respect to information. To calm this inefficiency, economic institutions have taken important roles. In addition, players in a society whose institutions are superior have earned information rent in the international market. The treaty port in Japan that was imposed by Western powers worked as such an efficient institution, and a Japanese export industry took advantage of it at the beginning of Japan fs industrialization. This designed market provided useful information with the export industry in the inland, as, say, stock markets do with various industries in modern economic societies.

Keywords: institutions; efficient market; exchange rate and prices; treaty port; development. (search for similar items in EconPapers)
JEL-codes: L11 N75 O19 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2008-03
New Economics Papers: this item is included in nep-his
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