Faculty of Commerce and Business Admin.
University of British Columbia
2053 Main Mall
Vancouver, B.C.CANADA V6T 1Z2
Institutional Affiliation: University of British Columbia, Emeritus
NBER Working Papers and Publications
|March 2018||Japan'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 2016||Japan’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 2007||Business 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 2005||A 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