East Asia and the world economy

Abstract

The contrast between Japan's emergence from the late nineteenth century as an industrializing nation and China's continued relative stagnation during the same period constitutes a puzzle that has provoked many attempts at solution. To heighten the sense of paradox, a number of observers have echoed the view of the late Alexander Eckstein thatan informed observer appraising the prospects of economic development and modernization in Asia from the vantage point of 1840 might well have picked China—rather than Japan—as the most likely candidate. China was a vast empire more populous than Japan, much better endowed with mineral resources and large internal markets. Even in terms of social and political institutions, China might have appeared to be in the better position [etc.]