Economics

Weak central government, strong legal rights: the origins of divergent legal institutions in 18th-century Chinese and Japanese rice markets

R. Wang, Q. Zhu, et al.

This research delves into the intriguing divergence of legal institutions in 18th-century Qing China and Tokugawa Japan, revealing how stronger legal rights in Japan fostered a thriving rice market, while China's weaker framework left merchants to rely on informal protections. Conducted by Rui Wang, Qianmao Zhu, and Matthew Noellert, this study sheds light on the significant role of state strength in shaping legal rights and market stability.... show more

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