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Japan's Ultimately Unaccursed Natural Resources-Financed Industrialization

Randall Morck, Masao Nakamura

NBER Working Paper No. 22865
Issued in November 2016, Revised in July 2017
NBER Program(s):Corporate Finance

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.

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Document Object Identifier (DOI): 10.3386/w22865

Published: Randall Morck & Masao Nakamura, 2017. "Japan's Ultimately Unaccursed Natural Resources-Financed Industrialization," Journal of the Japanese and International Economies, .

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