Book

Takatsuki, Yasuo, 1979-

The Dojima rice exchange : from rice trading to index futures trading in Edo-Period Japan / TAKATSUKI Yasuo ; translated by Louisa Rubinfien.

First English edition.

Tokyo : Japan Publishing Industry Foundation for Culture, 2022.

231 pages : illustrations, maps ; 22 cm.

The Dojima Rice Exchange of the Edo period (1603-1868), located in Osaka, Japan, is known among researchers as "the world's first futures trading market." Much as modern markets do today, the Edo-period Dojima market had a market for trading securities called rice certificates and an index futures market for trading indices derived from those securities. The market economy and the Exchange itself became extraordinarily dynamic, astounding observers of the time. But a dynamic market poses its own challenges, as we in our times know all too well. How did the people and government of the Edo period, who had no precedents to draw on, let alone economists to consult, contend with what was often a runaway market? The story of how the futures market developed and functioned at Dojima reveals the true nature of the "market economy."

Rice trade -- Japan -- Osaka -- History.

Rice trade -- Japan -- Osaka -- History -- 18th century.

Rice trade -- Japan -- Osaka -- History -- 19th century.

Rubinfien, Louisa, translator.

Ōsaka Dōjima komeichiba. English

Includes bibliographica references (pages 208-219) and index.

Introduction -- The birth of Osaka as Japan's central market -- The emergence of the Osaka Rice Market -- The establishment of the Dojima Rice Exchange -- Rice certificates -- Transactions in the Dojima Rice Exchange -- Rice inspections in the Daimyo Domains -- The 1761 Law prohibiting empty rice certificates -- The Shogunate's response to the "empty rice-certificate" problem -- The Shogunate's response to the problem of falling rice prices -- The Edo-era revolution in communications.

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338.17318 Takatsuk