Factors that Led to Rapid Industrialisation of Japan - Essay Example

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Factors that Led to Rapid Industrialisation of Japan

Reformation of the economic system involved introduction of a unified modern currency (yen), development and restructuring of the banking system, improved commercial laws and taxation system, stock exchanges, and improvement of the communications network. Creation of a new institutional framework that would suit the capitalist system was also among the primary task of Meiji government. However, it was not until the early 1890s that this long process was completed, and by that time, the government had almost entirely ceased the practice of direct control over the process of industrialization due to increasing budget deficits due to high cost of modernization. However, though most of these reforms have also been implemented by various European states their success – and success of the industrialisation process – differed substantially. Evidently, these template reforms had to be undertaken in a favourable environment otherwise the outcome would have hardly been successful. There were several major factors that contributed to rapid and successful industrialisation of Japan. Advanced technologies transferred to Japan from the industrialised Western states such as Britain and the United States played one of the major roles in stimulating early and rapid industrialisation of the country. The essence of that transfer of technologies was the transplantation of factory-based production systems. This approach was promoted by the Meiji government that played the key role in setting up the scene for Japan’s rapid industrialisation. ...
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This essay "Factors that Led to Rapid Industrialisation of Japan" discusses the industrialisation of Japan which played the main role in such striking progress made by the country on the international economic and political scene. Japanese culture is characterized by overwhelming devotion to traditional norms…
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