1-20 of 23 Results  for:

  • Economic/Business x
Clear all

Article

The period between the mid-1830s and early 1920s witnessed the migration of some 3.7 million Africans, Chinese, Indians, Japanese, Melanesians, and other peoples throughout and beyond the colonial plantation world to work as laborers under long-term written and short-term oral contacts. Studies of this global labor migration over the last forty years have been heavily influenced by Hugh Tinker’s 1974 argument that the indentured labor system was essentially “a new system of slavery.” There has also been a propensity toward specialized and compartmentalized studies of the indentured experience in various parts of Africa, the Caribbean, the southwestern Indian Ocean, India, Southeast Asia, and Australasia, with a particular emphasis on systems of labor control and worker resistance. Recent scholarship reveals that this labor system began two decades earlier than previously believed, and illustrates the need to explore new topics and issues in more fully developed local, regional, and global contexts.

Article

Astrakhan and Orenburg were the Russian Empire’s two “official” entrances from Asia in the early modern era. Russia’s “Asia” was conceived broadly as the expanse of Eurasia from the Ottoman Empire to the shores of the Pacific. Russia’s control of the Volga River, culminating in the conquest of Astrakhan on the shores of the Caspian Sea in the 16th century, was intended to open direct access for Russia’s merchants to reach Asia. Throughout the 17th century, trade with the Middle East and Central Asia increased, followed by an important breakthrough in relations with China culminating in the Treaty of Nerchinsk in 1689. In the 18th century, Russia’s Asian trade increased; Astrakhan’s customs fees collected from Asian trade goods surpassed the revenue generated by Russia’s Baltic ports in the first half of the century. A growing trade with the Central Asian Khanates of Bukhara, Khiva, and Khoqand led to the creation of Orenburg as the entry point for overland trade from the steppe in 1753. In theory, the new outpost separated Russia’s “Asia” into separate zones for increased regulation: Astrakhan for goods arriving from the Caspian Sea, imported from Iran and India, and Orenburg for the increasing steppe traffic. This is not to suggest that increased regulation produced better control over Eurasia’s trade networks, but rather to reveal Russia’s significant investment in profiting from Asia’s trade as much as its competitors in Britain or the Netherlands did. While overland Eurasian trade remains plagued by a historiographical assumption of its decline in the 18th century, Astrakhan and Orenburg were vital centers of Eurasian commerce, revealing the robust overland trade that remained outside of West European observation.

Article

Paul A. Van Dyke

In 1684, China reopened its doors to trade with the outside world, which had a huge impact on the development of global commerce. Canton quickly emerged as one of the few ports in the world where everyone was welcomed and where everyone (except Japanese and Russians) had access to everything including tea, silk, and porcelain. Unlike other ports, individual traders in Canton could buy and sell the same high-quality products as those handled by the East India companies. As the Canton trade grew, international networks became more sophisticated; as more ships went to China, new forms of remittance such as Letters of Credit and Bills of Exchange became standard, which streamlined international finance; as more money flowed into Canton, more goods were distributed worldwide, which gave rise to globalization; as economies in both the eastern and western hemispheres became more integrated with the Chinese market, there was a parallel decline in the risks of conducting trade, which encouraged the advancement of private enterprise. One by one the large East India companies found it increasingly more difficult to compete and went broke. However, the success of the Canton trade was also its weakness. Because the legal trade was so dependent on silver collected from opium sales, and because a decline in opium sales would likely lead to a decline in rice imports, only minimal efforts were made by local officials to stop the smuggling. Foreigners were eventually able to overcome the system with the outbreak of war in the late 1830s, but this happened because the system had already defeated itself.

Article

A resurgence of writings on labor in India in the 1990s occurred in a context when many scholars in the Anglo-American world were predicting the end of labor history. Over the last three decades, historical writing on labor in India has pushed old boundaries, opened up new lines of inquiry, unsettling earlier assumptions and frameworks. Teleological frames that saw industrialization leading to modernization were critiqued starting in the 1980s. Since then, historians writing on labor have moved beyond simple binaries between notions of the pre-modern/modern workforce to critically examine the conflictual processes through which histories of labor were shaped. With the opening up of the field, a whole range of new questions are being posed and old ones reframed. How do cultural formations shape the specificity of the labor force? How important are kinship, community, and caste ties in the making of working class lives and work culture? What defines the peculiarities of different forms of work at different sites: plantations and mines, factories and domestic industries, the “formal” and the “informal” sectors? What were the diverse ways in which work was regulated and workers disciplined? What were the ritual and cultural forms in which workers negotiated the conditions of their work? How does the history of law deepen an understanding of the history of labor? Studies on mobility and migration, on law and informality, on culture and community, on everyday actions and protest have unraveled the complex interconnections—global and local—through which the lives of labor are made and transformed.

Article

The expansion of travel transformed Japanese culture during the Edo period (1603–1867). After well over a century of political turmoil, unprecedented stability under Tokugawa rule established the conditions for men and women from all levels of the hierarchical society to travel safely for purposes as varied as the cultural consequences of a country increasingly on the move. Starting in the first half of the 17th century, institutionalized forms of compulsory travel for the highest-ranking samurai and a limited number of elite foreigners made for conspicuous political spectacle and prompted the Tokugawa shogunate to develop and maintain an extensive system of roads, post-towns, checkpoints, and sea routes. Prompted by the economic prosperity of the Genroku era (1688–1704) in the late 17th century, an ever-growing portion of the population, including commoners from cities and villages, took advantage of newfound leisure to embark on journeys for pilgrimage, medical treatment, and sightseeing. This change was accompanied by the expansion of tourism, which grew into a sophisticated commercial enterprise in the 18th century. Poets, writers, painters, performers, and scholars took to the road throughout the Edo period for artistic and intellectual pursuits, often as teachers or students, generating and spreading culture where they went. With an astonishing output of travel literature, guidebooks, maps, and woodblock prints featuring landscapes, a thriving commercial publishing industry, which first blossomed in the Genroku era, used woodblock printing technology to popularize travel in increasingly diverse ways. Together with such influential forms of print, the things that people wore, packed, bought, enjoyed, and rode while traveling formed a rich body of material culture that reveals the lived experience of travel for the duration of Tokugawa rule.

Article

Armin Selbitschka

Much has been said and written about the “Silk Road” since Ferdinand Freiherr von Richthofen coined the phrase in 1877. Fostered by spectacular discoveries by so-called explorers such as Sir Aurel Stein, Paul Pelliot, Sven Hedin, and others, the Silk Road soon became the subject of countless articles, books, museum exhibitions, and even legends. In times when almost any location—virtual or real—is but one mouse click away, the catchphrase Silk Road has not lost any of its original appeal. On the contrary, the term is almost constantly present in all kinds of media. Yet, it is never quite clear what exactly the Silk Road concept really entails. When was it established? Was it even formally established? What was its purpose? Was there but one function? And, more importantly, how useful is it as an analytical concept in the first place? These are the main questions this article seeks to answer. Its arguments are based on an analysis of the earliest available sources: archaeological finds from the Xinjiang Uyghur Autonomous region, indigenous documents written in Kharosthi script, and early Chinese historiography. The article will argue that the history of the early Silk Road (and its so-called prehistory) was considerably more complex than generally claimed. For instance, we can certainly not pinpoint a fixed date on which the Silk Road was established; neither were the intercontinental land routes primarily traveled (and populated) by traders. China’s initial forays into Central Asia in the 2nd century bce were politically motivated and had little to do with silk trade. The exchange of the famed fabric was at best a corollary of political interactions between the Western and Eastern Han Empires and powerful steppe nomads such as the Xiongnu. The latter extorted copious amounts of luxury goods from the former and redistributed them throughout Central Asia and Eurasia. Thus, this article claims that the Silk Road as an analytical concept does not do justice to the intricacies of prehistorical and historical realities. It therefore introduces the concept of movement as a heuristic tool to analyze cross-cultural interactions.

Article

Japan’s experience with modern capitalism and finance is characterized by a remarkable combination of shocks and adaptation. After being steamrolled by Western institutions and financial technologies, the country attempted to retaliate against this intrusion. However, regaining financial sovereignty proved a protracted process of trial and error. In the 1880s and 1890s, under the auspices of Matsukata Masayoshi, Tokyo seemed to get it right. The establishment of the Bank of Japan and related institutions, on the one hand, and the adoption of the gold standard, on the other, appeared designed to lift Japan out of its peripheral status. In reality, however, they mostly served to emphasize its role as an enabler of the British-led international order. Only in the 1930s, during the worldwide Great Depression, would it break with this role, if only to find that its autonomy had been compromised from the very beginning. Japan’s disastrous loss in World War II drove the country into the arms of the newly arisen global hegemon: the United States. In the early 21st-century, Japan remains a linchpin in the still surviving American-led world order and the corollary “dollar standard.”

Article

Up until the final four decades of the Qing Dynasty, fiscal extraction in imperial China was primarily a matter of taxing agricultural production, generally in the form of an annual property tax assessed on the basis of landholding, and collected in either grain or cash. All major dynasties prior to the Qing wielded this fiscal instrument somewhat flexibly, with large-scale reforms, usually leading to significantly higher taxes, occurring around mid-dynasty, but the Qing broke this trend: the absolute volume of agricultural taxes remained locked in place for the great majority of its 278-year life span, despite a near tripling of both the population and the economy. This eventually rendered the Qing fiscal state an extreme outlier in both horizontal and vertical comparisons: relative to the economy it governed, not only was it much smaller than its major early modern competitors, ranging from Japan to Western European states to other central Asian empires, but it was also probably the smallest post-Qin dynastic state by far. Preexisting scholarship has largely failed to identify, let alone explain, this sudden and dramatic shift in fiscal policy towards the end of China’s imperial history. There are a number of possible explanations for it, some of which have appeared in the extant literature, but the most promising one—which has not appeared—seems to be that the extraordinary circumstances of the Ming–Qing transition served as the catalyst for a decisive conservative turn in Chinese fiscal thought, pushing the Qing state into a fundamentally different political and institutional equilibrium than its predecessors.

Article

Colonial Indonesia’s sugar industry, developed under Dutch and Sino-Indonesian auspices over a period of almost three centuries, beginning c. 1650, evolved into one which exhibited a unique configuration in which an industrialized sugar complex became embedded within much larger “peasant” economy of the farming of rice and “second” crops. It was on this agrarian and largely self-financed basis that Indonesia’s colonial sugar industry, located exclusively in the island of Java, became one of the leading sectors of the international sugar economy of the late colonial era, eventually even rivaling Cuba—the nonpareil of such producers—as an exporter to world markets. During the interwar Depression of the 1930s and subsequent decade of war and revolution, it lost much (and eventually all) of its international standing—yet managed to survive into Indonesia’s postcolonial era, albeit in an attenuated form. There were four main phases to the industry’s colonial-era history. The first, foundational phase, which saw the establishment of modern industrialized manufacture extended from the 1830s through to the 1880s. The second phase, from the 1880s to 1930, was the period of sugar’s peak expansion. The third phase, beginning in 1931 and ending in 1942, was one of retrenchment and (partial) recovery prior to the spread of the Second World War into Southeast Asia. The fourth phase, 1945–1958, was one of postwar reconstruction.

Article

Roxani Eleni Margariti

Epigraphic materials, travel narratives, religious-legal literature, and documents of daily life produced by or for Jews between the 7th and the 13th centuries add significant dimensions to our understanding of the history of trade across Asia. Written in a variety of Jewish languages, these sources hail from places across the Afro-Eurasian geographical continuum and speak to the two well-known circuits of medieval trans-Asian trade: the Silk Road and its maritime Indian Ocean equivalent. While there has been a tendency to look at medieval Jewish sources scattered across Asia as vestiges of a unified trading diaspora, a consideration of these sources’ volume, chronology, and the circumstances of their production and use reveals several disjunctures and suggests a more fractured history of Jewish participation in Asia trade. Even so a survey of these sources illuminates a variety of topics that relate to Jewish mercantile activity along well-trodden avenues of exchange, transactions and relationships across confessional lines, and the structures and institutions of transregional commerce.

Article

Ulrich Theobald

East Asian monetary systems were traditionally based on commodity monies, the most famous of which were round copper coins (Cash) with a square central hole, and silver ingots (Tael, from around 1000 ce). While issue of the former was in the hand of the state, silver bars were privately produced and controlled. The Tael nonetheless served as a unit of account also in government ledgers. China was the first nation worldwide to use paper money backed by bullion reserve (c. 1000–1500), but fiat monies were not readily accepted by markets. Gold coins were exclusively used in Japan from circa 1600. With the discovery of Mexican silver, China and Japan became part of the silver-based world economy. Japan adopted the Gold Standard in 1897 and gained access to the world’s financial markets, while China’s currency landscape, even after modernization, remained fragmented and decentralized. With a favorable exchange rate against the US$, Japan recovered after World War II. The US$ devaluation in the Plaza Accord 1985 did not stop that boom. Excessive loans induced the asset price bubble of 1987. In the “lost decade” until 2000, the Bank of Japan pursued a volatile monetary policy, so in 1998 it was necessary to induce liberalization of the banking sector. Reform in the financial sector was also begun in South Korea after the Asian Crisis of 1997. The Chinese policy of Reform and Opening in 1978 first led to inflation and then to undervaluation of the Renminbi (Yuan), which supported the unique economic growth. The currency was made convertible in 1996 and was in 2005 pegged to a basket of foreign currencies. China’s banking system remains underdeveloped and suffers from the burden of indebted state-owned enterprises. China has accumulated huge amounts of foreign exchange. The RMB might become an anchor currency of a financial regionalism.

Article

Yangwen Zheng

Opium was used as a medicinal herb during the Tang-Song dynastic era, if not earlier, but this medicinal role was transformed during the Ming dynasty as it became an ingredient in aphrodisiacs produced for the Ming court. Small countries in South-Southeast Asia included opium in their tribute items to the Ming. Tribute missions were a form of trade as well as the best way to maintain foreign relations. Opium transformed again in the early Qing dynasty as Southeast Asian Chinese brought the habit of smoking opium mixed with tobacco back to the mainland. This was soon integrated in and promoted by the sex recreation industry in the mid-18th century, and the demand for opium grew rapidly in the early decades of the 19th century. By the 1850s, increasing supply fueled a level of consumption that neither repeated attempts at prohibition, nor two opium wars could stymie; it exploded into a consumer revolution. Opium became vital to the economy as all the polities since the late Qing taxed it to sustain themselves. It also became a symbol of China’s humiliation and anti-imperialist political platform. It has now come back to haunt the country despite the Mao era success in eradication.

Article

In India, as in much of the world, the 19th century witnessed the emergence of urban capitalist classes, effected by the rapid growth of global mercantile capitalism and, later, industrial manufacturing. As a colonial city, Bombay—like its eastern counterpart, Calcutta—developed two connected, but distinct business communities: one, a European community with foreign, imperial connections, and the other, an Indian community with roots in long-standing regional networks. In Bombay, the latter took the form of a class known as the “Merchant Princes,” who capitalized on long-standing commercial traditions in western India and their ability to command both Indian and colonial networks to establish themselves as commercial powerhouses. These commercial networks and patterns of behavior, established before the arrival of the British, had an indelible impact on the character of Indian business in colonial Bombay. The business community brought such traditions with them when they migrated to Bombay at the end of the 18th century and used them to build the famous mercantile firms of the early 19th century. The Indian business elite likewise built collaborative links within their own community to expand their business interests; when barriers erected by the colonial establishment sought to limit their expansion, Indian businessmen used the resources at their disposal (both in the Indian hinterland and within the city itself) to circumvent them. Class identity similarly began to emerge as they cooperatively campaigned for particular agendas, intended to improve the fortunes of the entire community. They fought for greater influence in the Bombay government—in line with the wealth they then commanded—and used their financial resources to mold the physical and intellectual landscape of the city in their favor.

Article

Tirthankar Roy

The origin of British India can be traced to warfare in 18th-century Europe and India, trade-related conflicts and disputes, and the East India Company’s business model. The state that emerged from these roots survived by reforming the institutions of capitalism, military strategy, and political strategy. As the 19th century unfolded and its power became paramount, the Company evolved from a trading firm to a protector of trade. The rapid growth of the three port cities where Indo-European trade and naval power was concentrated exemplifies that commitment. But beyond maintaining an army and protecting trade routes, the state remained limited in its reach.

Article

The Parsi community enjoyed a special status in western India as enterprising traders, who were quick to appreciate the advantages of the British connection especially in driving a huge trade in the Indian Ocean and specifically with China from roughly the latter half of the 18th century. Arriving in India as asylum seekers, the community quickly adapted to the host society by adopting the local language (Gujarati) and by deploying their commercial and manufacturing skills in consolidating their social location in the region. They were mindful of the ruling powers and developed over time important strategies of working closely with local interests, so much so that they acquired a foothold in landed and commercial society. It was in the late 17th and 18th centuries that they forged important links with European traders and trading companies, working as brokers for procurement of textiles and in the process acquiring a very close understanding of foreign markets. This was an important resource that enabled the community to play a major role on the emerging proto-colonial trade of western India, largely channeled through Bombay. The late 18th and 19th centuries saw the community produce major players and merchants of renown who amassed considerable wealth from the trade in raw cotton and opium with China and invested that wealth in philanthropy and subsequently in entrepreneurship. The community was primarily located in Bombay and western India, although their ventures took them as far as Calcutta and Canton. More recently there has been a considerable volume of scholarship on the community, emphasizing its origins, its histories and self-representation, and its use of the English colonial law in defining its own status and streamlining its customs.

Article

Beginning in 1206 large parts of Eurasia came under the sway of the Chinggissid Mongols. In 1260 the united Mongol Empire came to an end and divided into four khanates ruled by the progenies of Chinggis Khan. The four khanates were the Yuan (centered at China), the Ilkhanate (Middle East), the Golden Horde (Russia and the Caucasus), and the Chaghadaids (Central Asia). These political entities remained connected under the broad umbrella of the institutions and worldview that originated in the steppe and was informed by Chinggis Khan’s rule. Essentially the periods of the united Mongol Empire (1206–1260) and of the four khanates (1260–1350) can be termed as the period of Mongol rule. The abiding allegiance to the Chinggissid legacy continued to find resonance for the far-flung imperial family well in to the mid-14th century and even later in some parts of Eurasia. Under this united system of rule, trade came to occupy a special place and led to hitherto unprecedented exchanges and prosperity. Mongol Eurasia was able to transform micro economies into a coherent macro economy that relied on overland and maritime trade. These exchanges in large part were achieved through the building of physical infrastructure connecting China all the way to northwest Europe, and provision of capital. Along with overland trade, the Mongols were able to participate in and spur maritime trade in the Black Sea and the Mediterranean-Persian Gulf and Indian Ocean trade complex, even though they didn’t control all of it. The architecture essential for conquest proved important for trade and exchanges of goods, peoples, and ideas as well. Physical security, storage facilities, monetary policies, and the creation of markets and cities across the expanse of Mongol Eurasia enlivened trade. The historical accounts of this period describe cities overflowing with goods and riches along with transfers of a variety of technologies, providing a vivid picture of exchanges. The Mongols followed in the footsteps of a long line of nomadic empires that had been pivotal in the flow of long-distance trade and expanded it across Eurasia. Not only did they promote trade and patronize traders, they influenced the kinds of goods and technologies that were found on the Silk Road(s) at the time. The presence of a wide array of manufactured goods in large quantities signifies their role in the founding of production centers. While the Mongols were not traders themselves, the Khans were impressive in their understanding of the importance of trading networks and relied heavily on access to the information traders provided. From the very beginning of the empire traders filled the ranks of middlemen and helped carve a space for bolstering exchanges in policymaking. Traders were close to the Khans and political elites and informed decision-making, often serving as emissaries, ministers, and administrators in the service of the Khans. Not only did traders provide the Khans with commodities, but they also served as money lenders, making them important partners to the Mongol state and the imperial family. The myriad relationships between the Mongol Khans and traders are testament to a deep partnership that brought to bear an exciting moment for Eurasia, making it possible to refer to the Mongol period as the first globalization.

Article

Pierre-Yves Manguin

Southeast Asian polities were destined to play an active role in the world economy because of their location at the crossroads of East Asian maritime routes and their richness in commodities that were in demand in the whole of Eurasia. For a long time, historians restricted their role to examination of regional peddling trade carried out in small ships. Research on ships and trade networks in the past few decades, however, has returned considerable agency to local societies, particularly to Austronesian speakers of insular Southeast Asia, from proto-historic to early modern times. As far in the past as two thousand years ago, following locally developed shipbuilding technologies and navigational practices, they built large and sophisticated ships that plied South China Sea and Indian Ocean routes, as documented by 1st-millennium Chinese and later Portuguese sources and now confirmed by nautical archaeology. Textual sources also confirm that local shipmasters played a prominent part in locally and internationally run trade networks, which firmly places their operations into the mainstream of Asian global maritime history.

Article

At its independence in 1948, South Korea was an impoverished, predominately agricultural state, and most of the industry and electrical power was in North Korea. It faced a devastating war from 1950 to 1953, and an unpromising and slow recovery in the years that followed. Then, from 1961 to 1996, South Korea underwent a period of rapid economic development, during which it was transformed into a prosperous, industrial society. During these years, its economic growth rates were among the highest in the world. Under the military government of Park Chung Hee (Pak Chǒng-hǔi), which came to power in 1961, the state gave priority to economic development, focusing on a combination of state planning and private entrepreneurship. Possessing few natural resources, it depended on a low wage, educated, and disciplined labor force to produce goods for exports. As wages rose, economic development shifted from labor to capital-intensive industries. Focusing initially on textiles and footwear, South Korean manufacturing moved into steel, heavy equipment, ships, and petrochemicals in the 1970s, and electronics and automobiles in the 1980s. Two major reforms under the administration of Syngman Rhee (Yi Sǔng-man, 1948–1961) helped prepare the way: land reform and educational development. However, it was the commitment to rapid industrialization by the military governments of Park Chung Hee and his successor, Chun Doo Hwan (Chǒn Tu-hwan), that brought about the takeoff. Industrialization was characterized by a close pattern of cooperation between the state and large family-owned conglomerates known as chaebǒls. This close relationship continued after the transition to democracy, in the late 1980s and 1990s, but after 1987, labor emerged as a major political force, and rising wages gave further impetus to the development of more capital-intensive industry. In 1996, South Korea joined the Organization for Economic Cooperation and Development, being internationally recognized as a “developed state.” Although living standards still lagged behind those of North America, Western Europe, and Japan, the gap was significantly narrowed. After 1996, its economic development slowed but was still high enough to achieve a per capita income comparable to the countries of Western Europe and to shift from a borrower of to an innovator in technology.

Article

Tracing the social lives of tea, porcelain, and silk, it is discernible that the world had been living with commodities made in and exported from China for a fairly long period of time. Particularly, when tea slowly became more common in England during the 18th century, most Britons tended to purchase tea leaves planted in the Yangtze River Delta and the Fujian region. When Europeans first encountered Chinese porcelain, it was so fine, translucent, and superior to anything that they could possibly manufacture at the time. They thus concluded that it must be a magic substance and astonishingly called it “white gold.” The Western obsession about Chinese porcelain, in turn, encouraged Europeans to produce their own imitations in terms of both production processes and marketing strategies. When silkworm disease ruined European sericulture in the middle of the 19th century, Chinese silk, including silk textiles and spun and raw silks, fulfilled a need in a demanding Euro-American market. These examples, among many others, conceivably reveal that China has played a crucial role in the global history of the dissemination and consumption of commodities since the early modern period.

Article

Although the political and military aspects of Japanese imperialism have received ample attention from historians, other dimensions of the country’s expansionist experiment with total war have been left largely untouched. Nevertheless, technologies of “soft” power played a very substantial role; in many ways, they predated and prefigured many of the repressive and militarist hallmarks of Japanese expansionism. Gold standard adoption, for instance, was directly related to Japan’s geopolitical positioning. It was a tool for projecting financial power abroad and establishing enclave economies in the colonies, for example through the creation of gold-exchange standards, the direction of the colonies’ central banks and financial institutions, and so on. Nevertheless, the adoption of the gold standard was not an aim in itself. It was a means to a yet higher end: the very establishment of the yen as a “vehicle currency” comparable to the British pound or, after World War I, the American dollar. For that reason, policymakers in Tokyo fostered distinctly mercantilist ideas about trade and, in particular, the share of Japan’s banking institutions and the Japanese yen in financing international trade and settling international trade transactions. The institution in the vanguard of this project was the Yokohama Specie Bank (hereafter: YSB), a bank with the explicit mandate of insuring trade among regions or countries on different currencies and, by extension, different metals (gold and silver). Soon after its creation in 1879, it was made to team up with the Bank of Japan (hereafter: BOJ) and put in charge of the international aspects of the country’s financial and monetary policy. In that role, 1. It financed the bulk of Japanese imports and exports. 2. It collected specie, part of which was added to the BOJ’s currency reserve. 3. It underwrote Japan’s sovereign loan issues. 4. It represented the BOJ abroad. 5. It even issued currencies in Japan-occupied territories before and during World War II. In view of its controversial role in Japanese imperialism (especially because of point 5), the General Headquarters of the Supreme Commander for the Allied Powers (SCAP) ordered its dismantling in 1946. Its assets were transferred to the newly formed Bank of Tokyo. Although it is still heavily understudied in both Japanese and Western languages, it is key to understanding in the vanguard of Tokyo’s expansionist economic project(s)