Lecture 3. Factor markets
The third lecture turns to more fundamental differences between East and West: factor markets and the ways in which the household economy worked. It will be argued that while the extent of market growth for land and labour was unmistakably limited in Japan, the factor markets functioned rather well. However, none of such market forces led to the disintegration of the peasantry, suggesting that there existed a particular kind of the family household economy adaptive to market growth.
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