The economic rise of Japan

Japan was a very week economy, until in the 1890s the economy started to grow substantially and began to catch up to the western standards as represented by the United States.

After the Tokugawa shogun was overthrown and the Meiji government was formed in 1868, Japan opened up to the western world.

Overnight industrialization influenced by the western precursors began and Japan quickly adapted the capitalistic western economy. Especially the Japanese textile industry was soon able to compete worldwide. Additionally, Western influences contributed to the dispose of the feudal system and enabled the Japanese workclass to educate themselves. In an attempt to gain knowledge, Japan began to hire thousands of american workers to teach them modern science and mathematics.

Another of the key reforms implemented during the Meiji Period was the creation of a centralized, modern banking system. This included the establishment of the Bank of Japan in 1882, which helped to stabilize the currency and promote economic growth. The government also encouraged foreign investment and trade, and established a modern legal system that facilitated the development of businesses. Living standards improved for many people. However the Meiji Period also brought challenges, such as rising inequality and social unrest, which lead to laber disputes, often degenerating impulsive riots.

Feudal system: In feudalism a landowner lends his land to people of the workclass in exchange for their military service.

All sources can be found here.

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