How did Japan's economy develop under Meiji rule?

Under Meiji rule, Japan's economy developed rapidly through industrialisation, modernisation, and the adoption of Western technologies and practices.

The Meiji era, which spanned from 1868 to 1912, was a period of significant economic transformation in Japan. The Meiji government was determined to catch up with the West and therefore embarked on a series of reforms aimed at modernising the country's economy. These reforms were largely successful, leading to rapid industrialisation and economic growth.

One of the key strategies employed by the Meiji government was the adoption of Western technologies and practices. The government sent students and officials abroad to learn from Western countries and hired foreign experts to come to Japan and teach. This resulted in the introduction of new industries such as shipbuilding, glassmaking, and beer brewing, which were previously unknown in Japan. The government also invested heavily in infrastructure, building railways, telegraph lines, and modern ports, which facilitated the growth of commerce and industry.

Another important aspect of Japan's economic development under Meiji rule was the modernisation of the agricultural sector. The government implemented land reforms that broke up the feudal system and created a class of independent farmers. These farmers were encouraged to adopt modern farming techniques, which led to increased agricultural productivity. The surplus from the agricultural sector was used to fund industrialisation.

The Meiji government also promoted the development of a capitalist economy. It established a modern banking system, introduced a new currency, and set up a stock exchange. The government initially played a significant role in establishing and running industries, but over time, it sold off these industries to private entrepreneurs, leading to the growth of zaibatsu, large family-controlled conglomerates that played a major role in Japan's economic development.

In conclusion, Japan's economy underwent a dramatic transformation under Meiji rule. Through a combination of industrialisation, modernisation, and the adoption of Western technologies and practices, Japan was able to catch up with the West and lay the foundation for its future economic success.