Banking and Business: Establishing Modern Institutions
The establishment of modern banking institutions in 1872 marked a significant milestone in Japan’s economic modernization.
Companies like Mitsubishi and Sumitomo received crucial support through subsidies and tax benefits, propelling them to become major players in shipbuilding and trade.
Chapter 7: Modernising the Economy| Class 11 History Notes
The Meiji Restoration of the late 19th century heralded a period of profound transformation in Japan, marked by a relentless drive towards modernization across various spheres. Among its most pivotal endeavors was the modernization of the economy, a strategic initiative aimed at propelling Japan into the ranks of global economic powerhouses.
In this article, we delve into the intricacies of Japan’s economic modernization during the Meiji era, exploring its key initiatives, challenges, and enduring legacies.