Lecture 3--The Development of Asian Capitalism

Lecture 3--The Development of Asian Capitalism - 1 The...

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1 The Development of Asian Capitalism MGMT 1030 Schulich School of Business
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2 Japan Industrial Growth in Japan to 1867 Tokugowa Shogunate ruled Japan from 1603 Policy of sakoku (closed country) in place from 1639 Japanese market forcefully opened by Commodore Matthew Perry in 1854 Japan had a history of commercial and entrepreneurial activity but no industrial sector Meiji Restoration re-established control of Emperor and oligarchs in 1867
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3 Japan Industrial Growth in Japan, 1867-1945 1)General Outlook of Japan’s Leaders Modernize the economy along Western industrial lines Prevent Western control of Japan as had occurred in China “Enrich the country, strengthen the military” 2)Economic Development Policies and Results Strong government role in the early decades of the Meiji Restoration National land tax provided stable revenue source Government financing of rail networks and heavy industry Primary industrial surge occurred between 1890 and 1914 3,400 miles of railway by 1914 Output of silk quadrupled from 1890 to 1913 Imports and exports increased by a factor of eight from 1890 to 1913 Economic performance in 1920s and 1930s mirrored that of other industrial countries Japanese economy controlled by conglomerates known as zaibatsu Family-owned holding companies with horizontal links across a wide range of industries Four largest zaibatsu were Mitsui, Mitsubishi, Sumitomo, and Yasuda Mitsui family controlled banking, textile, and coal mining sectors Mitsubishi family controlled the Japanese shipbuilding and railway sectors Zaibatsu closely allied with the Japanese government
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4 Japan Industrial Growth in Japan, 1867-1945 [cont’d] 3)Territorial Expansion of Japanese Empire Japan used industrial growth to emerge as a world power 1904-1905 Russo-Japanese War Japan concentrated on China in the 1930s Full scale war between China and Japan broke out in 1937 Western sanctions against Japan necessitated a Japanese response Oil sanctions, in particular, his Japan hard Japan entered the Second World War in December 1941 Expansion throughout the Pacific region Ultimate Japanese defeat in 1945 Results of World War II Devastation Human loss—1.8 to 2.8 million Japanese deaths Material loss—25% of infrastructure destroyed Industrial production dropped to 10% of pre-1941 level Commodity shortages Hyper-inflation Japan, therefore, started from scratch in 1945
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5 Japan Industrial Growth in Japan, 1945-Present 1)Phase I (1945-1970)—Catching Up
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