IGNOU HISTORY NOTES : History Of China and Japan (1840-1949) - Post World War- 1 Economy

IGNOU HISTORY Study Notes for IAS, UPSC Exams

History Of China and Japan (1840-1949)

Post World War- 1 Economy

Structure

24.0 Objectives
24.1 Introduction
24.2 The War Boom
24.3 Industrial Growth in the Inter-war Period
24.3.1 Electrical Industry
24.3.2 Heavy and Chemical Industry
24.3.3 Cotton Textiles Industry
24.4 Agriculture in the Inter-war Period
24.4.1 Background
24.4.2 The Rice Riot of 1918 and Aftermath
24.4.3 Sericulture I 24.5 Formation of the Dual Structure
24.6 Industrial Concentration and the Zaibatsu
24.7 Foreign Trade in the Inter-war Period
24.8 Let Us Sum Up
24.9 Key Words
24.10 Answers to Check Your Progress Exercises

24.0 OBJECTIVES

After reading this Unit you will be able to:

know how the more important industries fared in the inter-war period,
explain the reasons for agriculture stagnation in this period and the government's response to the rice riots,
understand the formation of dual structure in Japan, and
learn about financial concentration, big business houses and foreign trade of Japan in this period.

24.1 INTRODUCTION

The period between the two world wars i.e. 19 18 to 1937 is termed as inter-war
period.
Japan's economy which started on a modernization course in right earnest from 1885
seems to deviate in certain important aspects from the steady course of economic
development during the inter-war period. World War-I had given a boost to
industrial development but that was short lived. Soon, there was stagnation in the
field of agriculture. Foreign trade also ran into problems. Because of the military
control over the government, the economic policies pursued during this period were
not necessarily ahped at increasing people's welfare. It was during this period that the
dual structure of the economy, which persists in today's time also took roots in
Japan. This Unit takes into account various problems related to economic growth in
Japan during the inter-war period. Industrial growth, role of zaibatsu; foreign trade
and the condition of agriculture are some of the aspects dealt with in the Unit.