Edo Period
Japan is not only a major economic power, it is one of the most economically developed countries in
the world. Japan's economic development begun between the 12th and 17th century, in a period of
time that the Japanese refer to as the Edo period. Although specific economic structures didn't exist
at the time, the conditions, both socially and politically, set the Japanese up for a later successful
industrialization and modernization. During the Edo period, the ruling government was known as
the bakufu. The bakufu had absolute political power over smaller, local governments, however, they
lacked a consistent economic stance. Therefore, the local governments, known as the han, were
allowed to decide how their people would be taxed, and how administration would work, along with
education, industrialization, and issuing paper currency as long as it was not directly prohibited by
the bakufu. ... Show more content on Helpwriting.net ...
Many peasants worked on farmlands, from which they were usually taxed rice, and although they
were not officially allowed to leave, many relocated to avoid high tax burdens. Agricultural
expansions led to various rebellious acts from farmers who were unhappy with taxes, government
officials, and inflation. The government at the time received funds from the rice tax, a monopoly on
mining, foreign trade, and financial contributions from merchants seeking monopoly and cartel
rights. Due to an increasing economy and the demand of resources from merchants, the government
had to resort to printing a financial currency, which leads to inflation, increase taxes and cut
spending. Towards the end of the Edo period, the bakufu monopolized foreign trade, rendering it
impossible for any Japanese to leave Japan and gain knowledge or trade with other countries. After
much disagreement, the Japanese government decided to reopen trade with diplomatic countries
such as the United States, and the bakufu government was removed from
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