Tokugawa economy
Topic: Paths to Modernisation: Japan, China, Korea · NCERT: Class 11, Ch 7 "Paths to Modernisation"
Meaning
The Tokugawa economy was the commercial economy that grew in Japan under the Tokugawa shoguns (1603–1867). Cities such as Edo, Osaka and Kyoto grew large, and many castle-towns had over 50,000 people. This growth created markets, credit systems (lending and borrowing on trust) and a rice stock market where rice was bought and sold as a trading good. Merchants grew rich and paid for theatre and books. Ability began to count for more than birth. This base later helped Meiji industry grow quickly.
Example
Japan's imports of silk and textiles drained its gold and silver. So the shoguns put limits on the export of precious metals and encouraged silk-weaving at Nishijin in Kyoto. After trade opened in 1859, silk exports became one of Japan's biggest earners.
Don't confuse with
- Meiji economy: The Tokugawa economy was a commercial economy built by markets and merchants before 1868. The Meiji economy was a state-led industrial economy after 1868, with railways, banks and the zaibatsu (family-controlled business groups).