Factors that Led to Rapid Industrialisation of Japan Essay

Factors that Led to Rapid Industrialisation of Japan - Essay Example It is evidently clear from the discussion that reformation of the economic system involved introduction of a unified modern currency (yen), development and restructuring of the banking system, improved commercial laws and taxation system, stock exchanges, and improvement of the communications network. Creation of a new institutional framework that would suit the capitalist system was also among the primary task of the Meiji government. However, it was not until the early 1890s that this long process was completed, and by that time, the government had almost entirely ceased the practice of direct control over the process of industrialization due to increasing budget deficits due to a high cost of modernization. However, though most of these reforms have also been implemented by various European states their success – and success of the industrialization process – differed substantially. Evidently, these template reforms had to be undertaken in a favorable environment oth erwise the outcome would have hardly been successful. There were several major factors that contributed to the rapid and successful industrialization of Japan. Advanced technologies transferred to Japan from the industrialized Western states such as Britain and the United States played one of the major roles in stimulating early and rapid industrialization of the country. The essence of that transfer of technologies was the transplantation of factory-based production systems.  This approach was promoted by the Meiji government that played the key role in setting up the scene for Japan’s rapid industrialization. However, it was not until the early 1890s that this long process was completed, and by that time, the government had almost entirely ceased the practice of direct control over the process of industrialization due to increasing budget deficits due to a high cost of modernization. However, though most of these reforms have also been implemented by various European stat es their success - and success of the industrialization process - differed substantially. Evidently, these template reforms had to be undertaken in a favorable environment otherwise the outcome would have hardly been successful. There were several major factors that contributed to the rapid and successful industrialization of Japan. Advanced technologies transferred to Japan from the industrialized Western states such as Britain and the United States played one of the major roles in stimulating early and rapid industrialization of the country. The essence of that transfer of technologies was the transplantation of factory-based production systems. This approach was promoted by the Meiji government that played the key role in setting up the scene for Japan's rapid industrialization. Import of the workshop equipped with modern machinery was the central element of Meiji's policy aimed at 'catching up with and overtaking' industrialized western states. The list of industrial sectors tar geted by the Meiji government within the framework of its industrialisation policy was large and included not only defence-related (shipbuilding and others), but also a variety of civil industries that produced different goods and products for both the local and overseas market (silk-reeling, cement, glass, cotton spinning, etc).