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The Culture and Institutions of Japan

In: Culture and Institutions in the Economic Growth of Japan

Author

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  • Juro Teranishi

    (Hitotsubashi University)

Abstract

It has become well known that Japan experienced sustained economic growth before the Meiji Restoration in 1868. During the early modern Tokugawa era, the Japanese economy grew at an annual rate of 0.51% from 1600 to 1721 and 0.33% from 1721 to 1874 (Takashima 2017), comparable to the rate of growth of 0.41% of 12 Western Europe countries during the period 1500–1820 (Maddison 2007). It is important to note that Japan’s growth was attained under conditions of self-imposed isolation. In other words, Japan’s growth was purely domestic and hence an endogenous phenomenon, whereas the growth of the Occident owed much to the exogenous impacts on the expansion of foreign trade as a result of geographical discoveries and the development of new trade routes after around 1500.

Suggested Citation

  • Juro Teranishi, 2020. "The Culture and Institutions of Japan," Studies in Economic History, in: Culture and Institutions in the Economic Growth of Japan, chapter 1, pages 1-43, Springer.
    • Handle: RePEc:spr:stechp:978-4-431-55627-5_1
    DOI: 10.1007/978-4-431-55627-5_1
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