Agricultural development in industrialising Japan, 1880-1940

This study reviews research examining agricultural development in industrialising Japan. We focus on the (dys)functioning of markets for land, finance, labour and agricultural commodities. We cover topics including land (mis)allocation, size-productivity relationships, tenancy contract choice and Marshallian inefficiency, property rights, microfinance, shock-coping strategies, rural-urban migration and agricultural market integration. The literature reveals that market failures often observed in developing economies were not prominent, except for possibly labour markets. The literature also highlights the roles and administrative capacities of central and local governments. Tight local communities served to reduce transaction costs.