Effect on Prices of Japan's Entry into World Commerce after 1858

摘要: What happened to price ratios between exportables and importables in Japan as that country moved out of self-imposed economic isolation (ended 1858) into free trade (the 1870s)? Average prices rose at least 3.5-fold relative converge on world market prices. At the extremes, autarchy, Japan's tea bar iron were line with no less than eight one. By crude measures, it is estimated national real income about 65 percent transition from trade.