ECONEMY
Japan’s industrial revolution occurred during the Meiji era causing a major economic boom. In 1868, Japan emerged as the first industrialised Asian nation. The Meiji rulers used a market economy and followed British and North American examples of free enterprise capitalism. One of the first changes to be made was the currency. The rulers of the time decided to have one unified currency and based it on yen, banking, commercial and tax laws, stock exchange and communication networks. This took a long time to introduce to the country as it was so far behind due to its time closed off in the Tokugawa period, but was completed by the 1890’s. However, by this time the government had released a lot of its control in the modernisation mainly due to budget reasons.
Many of the Daimyo’s, most still poor from the remnants of the Tokugawa period, quickly earned back money through investments they made in emerging industries.Those who were involved in foreign trade also benefited greatly.
During the early stages of the Meiji era the government provided a lot of ‘model factories’ to help with the resource production as the country was lead into its new economy. After the first twenty years of this the industrial economy began to expand rapidly until 1920 when they began to use large inputs of western technology and private investors. After World War I, Japan emerged as a major industrial nation due to cautious economic planning.
Many of the Daimyo’s, most still poor from the remnants of the Tokugawa period, quickly earned back money through investments they made in emerging industries.Those who were involved in foreign trade also benefited greatly.
During the early stages of the Meiji era the government provided a lot of ‘model factories’ to help with the resource production as the country was lead into its new economy. After the first twenty years of this the industrial economy began to expand rapidly until 1920 when they began to use large inputs of western technology and private investors. After World War I, Japan emerged as a major industrial nation due to cautious economic planning.