Financial Institutions I

Before anyone did anything, Matsukata did [almost] everything.

Sadly, if you study financial development and institutions, you rarely come across prominent figures from Asia of the 19th century, as most literature deals with Western financial development. The more fun is to read about a Japanese (seemingly) multitalent. His story (according to wikipedia, as of today).


He was/is:
Matsukata Masayoshi (松方 正義), 1835-1924, prince, president of the Japanese Red Cross Society, privy councillor, gijokan, member of the House of Peers, and Lord Keeper of the Privy Seal of Japan. Later, he was given the title of prince and genrō.

He did/acted as:
- governor of Hita prefecture (1868-71?)
- drafted new Land Tax Reform (1873-81): highlights: pay taxes in money, not in rice, fixed rate 3%, calculated on price of estate.
- Home Minister in 1880
- Finance Minister 1881: fiscal austerity, boosted confidence in currency and fin. institutions
- tried to protect Japanese industry (at the time: uneven treaties with West), launched big government industries, (needed to) hand over to private sector --> evolved into zaibatsus.
- established Bank of Japan (issued paper money) in 1882.
- wrote Meiji constitution (1889) articles 62-72
- Prime Minister 1891/92 and 1896-98 (and simultaneously finance minister)
- produced at least 24 children
(Alexander Hamilton has done much, but could he meet this standard:-)?)