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Finally, interventions in the financial sector to focus capital on intensive, small-scale agriculture and on manufacturing development provide the third key to accelerated economic transformation. The state’s role is to keep money targeted at a development strategy that produces the fastest possible technological learning, and hence the promise of high future profits, rather than on short-term returns and individual consumption.
How Asia Works
Joe Studwell
Unlike physics or economics, history is not a means for making accurate predictions. We study history not to know the future but to widen our horizons, to understand that our present situation is neither natural nor inevitable, and that we consequently have many more possibilities before us than we imagine.
Sapiens
Yuval Noah Harari
Tenanted land as a share of all cultivated land was around 20 per cent in the first years after the Meiji government instituted its land reform. By the time of the Second World War, almost half of arable land was under tenancy and 70 per cent of Japanese farmers rented some or all of their fields. Despite the global depression, tenant rents did not fall below 50–60 per cent of crops (and this was after the renter had paid the cost of seeds, fertiliser, implements and all taxes and levies bar the main land tax). It was hardly surprising that output stopped rising in the 1920s.
How Asia Works
Joe Studwell
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