TY  - JOUR
AU  - Morck, Randall
AU  - Nakamura, Masao
TI  - Japan’s Ultimately Unaccursed Natural Resources-Financed Industrialization
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 22865
PY  - 2016
Y2  - November 2016
DO  - 10.3386/w22865
UR  - http://www.nber.org/papers/w22865
L1  - http://www.nber.org/papers/w22865.pdf
N1  - Author contact info:
Randall Morck
Faculty of Business
University of Alberta
Edmonton, AB T6G 2R6
CANADA
Tel: 780/492-5683
Fax: 780/492-3325
E-Mail: randall.morck@ualberta.ca

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: masao.nakamura@sauder.ubc.ca
M1  - published as Randall Morck, Masao Nakamura. "Japan's Ultimately Unaccursed Natural Resources-financed Industrialization," in Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers, "Corporate Governance (NBER-TCER-CEPR Conference)" Elsevier, Journal of the Japanese and International Economies, volume 47 (2018)

AB  - 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.
ER  -