Masao Nakamura

Faculty of Commerce and Business Admin.
University of British Columbia
2053 Main Mall
Vancouver, B.C.CANADA V6T 1Z2
Tel: 604-822-8434
Fax: 604-822-8477

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University of British Columbia, Emeritus

NBER Working Papers and Publications

March 2018Japan's Ultimately Unaccursed Natural Resources-financed Industrialization
with Randall Morck
in Corporate Governance (NBER-TCER-CEPR Conference), Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers
November 2016Japan’s Ultimately Unaccursed Natural Resources-Financed Industrialization
with Randall Morck: w22865
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.

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

June 2007Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth
with Randall Morck: w13171
Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided this coordination after the Meiji government failed at the task. We propose that pyramidal business groups are private sector mechanisms for coordinating and financing 'big push' growth, and that unique historical circumstances aided their success in prewar Japan. Specifically, Japan uniquely marginalized its feudal elite; withdrew its hand with a propitious mass privatization that rallied the private sector; marginalized an otherwise entrenched first generation of wealthy industrialists; and remained ...

Published: Randall Morck & Masao Nakamura, 2007. "Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth," Enterprise and Society, vol 8(03), pages 543-601. citation courtesy of

November 2005A Frog in a Well Knows Nothing of the Ocean: A History of Corporate Ownership in Japan
with Randall Morck
in A History of Corporate Governance around the World: Family Business Groups to Professional Managers, Randall K. Morck, editor
NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us