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CHAPTER III - Capital Formation in Japan

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Published online by Cambridge University Press:  28 March 2008

Kazushi Ohkawa
Affiliation:
Hitotsubashi University
Henry Rosovsky
Affiliation:
Harvard University
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Summary

Introduction

This chapter analyses the relationship between the input of capital and economic growth in Japan during the past century. Our presentation follows the broad framework set forth by Solow and Temin in the introductory chapter and is complementary to the next two chapters (by Taira and Yamamura), which deal with the inputs of labour and entrepreneurship.

The assigned task of exploring the role of investment in Japan necessarily imposes a certain sectoral as well as temporal emphasis. Only relatively little attention will have to be devoted to agriculture, since this sector never became an important recipient of either public or private capital. In Japan, at least, an understanding of the advances created by a rising level of investment deals largely with the growth of modern non–agricultural industry. This also means that (unlike Taira and Yamamura) we must concentrate especially on the history of the twentieth century, when factories, machines, and new social overhead implements reached sizeable dimensions for the first time. Of course, no attempt will be made to slight the crucial transitional years of the Meiji era or even the preceding years of Tokugawa rule, but one should always keep at the forefront the sharp distinction between the hesitant beginnings of economic modernization in the late nineteenth century and its full flowering during the past sixty–odd years.

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Chapter
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Publisher: Cambridge University Press
Print publication year: 1978

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References

Denison, Edward F., and Chung, William K.. How Japan's Economy Grew So Fast.Washington, 1976.Google Scholar
Klein, L., and Ohkawa, K. (eds.). Economic Growth: The Japanese Experience since the Meija Era.New Haven, Conn., 1968.Google Scholar
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), vol. ix, Umemura, M. et al., Nōringyō [Agriculture and Forestry] (Tokyo, 1966)Google Scholar
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), I: Kokumin sliotoku [National Income] (1974)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), II: Jinkō to rōdōryoku [Population and Labour Force] (1973)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), III: Shihon stokku [Capital Stock] (1965)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), IV: Shihon keisei [Capital Formation] (1971)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), VI: Kojin shōhi shishitsu [Personal Consumption Expenditures] (1967)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), VII: Zaisei shishitsu [Public Expenditures] (1966)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), VIII: Bukka [Prices] (1965)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), X: Kōkōgyō [Alining and Manufacturing] (1972)
Ohkawa, K.Shinohara, M., and Umemura, M., (eds.), XII: Tetsudō to denryōku [Railways and Electrical Utilities] (1965)
Ohkawa, K., and Rosovsky, H.. ‘A Century of Japanese Economic Growth’, in Lockwood, W. W. (ed.), The State and Economic Enterprise in Japan.Princeton, 1965.Google Scholar
Ohkawa, K., and Rosovsky, H.. Japanese Economic Growth: Trend Acceleration in the Twentieth Century.Stanford, Calif., 1973.Google Scholar
Ohkawa, K., Shinohara, M., and Umemura, M. (eds.). Chōki keizai tōkei Estimates of Long-Term Economic Statistics of Japan since 1868. 13 vols., in progress. Tokyo, 1965–. (note 6 above for details.)Google Scholar
Ohkawa, Kazushi and Rosovsky, Henry, ‘A Century of Japanese Economic Growth’, in Lockwood, W. W. (ed.), The State and Economic Enterprise in Japan (Princeton, 1965).Google Scholar
Ohkawa, Kazushi and Rosovsky, Henry, ‘Postwar Japanese Economic Growth in Historical Perspective: A Second Look’, in Klein, L. and Ohkawa, K. (eds.), Economic Growth: The Japanese Experience since the Meiji Era (New Haven, Conn., 1968).Google Scholar
Rosovsky, Henry. ‘Japan's Transition to Modern Economic Growth, 1868–1885’, in Rosovsky, H. (ed.), Industrialization in Two Systems.New York, 1966.Google Scholar
Rosovsky, Henry. ‘Rumbles in the Rice Fields’, Journal of Asian Studies, XXVII, 2 (1968).Google Scholar

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