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Tenant, Landlord, and Risk: Revisiting the Debate on Japanese Capitalism

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Abstract

Moritaro Yamada’s Analysis of Japanese Capitalism (1934) characterized the Japanese economy in that time. First, it highlighted the duality of the modern sector, whose productivity was relatively high, and the traditional sector, whose productivity was relatively low. Second, it argued that the paternalistic risk-bearing mechanism worked in the traditional sector. Third, it discussed that while the stability of society and the continued stagnancy of productivity had been symbiotic conditions, this structure was disintegrating. The work provoked intense debate among Japanese Marxian economists to understand the Japanese economy. However, classical economics then did not have the analytical tools for a twosector economy, duality, risk sharing, and dynamic transition in the growth path, which led to the ambiguity of Yamada’s description and confusion in the debate. We place his argument on duality and risk sharing in an analytical framework, and rephrase its implications.

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  • NAKABAYASHI, Masaki, 2008. "Tenant, Landlord, and Risk: Revisiting the Debate on Japanese Capitalism," ISS Discussion Paper Series (series F) f144, Institute of Social Science, The University of Tokyo, revised 27 Aug 2019.
    • Handle: RePEc:itk:issdps:f144
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    1. Tetsuji Okazaki, 2003. ""Voice" and "Exit" in Japanese Firms during the Second World War: Sanpo Revisited," CIRJE F-Series CIRJE-F-243, CIRJE, Faculty of Economics, University of Tokyo.
    2. Toya, Tetsuro, 2006. "The Political Economy of the Japanese Financial Big Bang: Institutional Change in Finance and Public Policymaking," OUP Catalogue, Oxford University Press, number 9780199292394 edited by Amyx, Jennifer A..
    3. Yutaka ARIMOTO & Tetsuji OKAZAKI & Masaki NAKABAYASHI, 2010. "Agrarian Land Tenancy In Prewar Japan: Contract Choice And Implications On Productivity," The Developing Economies, Institute of Developing Economies, vol. 48(3), pages 293-318, September.
    4. Arimoto, Yutaka, 2005. "State-contingent rent reduction and tenancy contract choice," Journal of Development Economics, Elsevier, vol. 76(2), pages 355-375, April.
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    More about this item

    Keywords

    Dual structure; risk sharing; peasant economy; tenancy contract; Japan.;
    All these keywords.

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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