The market forces regulate production to align with the supply. As demand increases, the supply is increased to meet the new demands. when the government controls production there may be a surplus of goods that are not needed and a scarcity of basic goods. The economic principles that inform production may be undermined by political agendas.
Elisha P. Ferry
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With the Meiji Restoration, Japan received assistance from European powers and the US to foster industrialization. The era of centuries of isolation came to an end. There were cooperation and investment between Japan and the rest of the world. This cooperation led to academic-scientific exchanges, scholars and scientists learned from the other cultures in order to embrace elements of Modernity. Since Japan is an island with relative few raw materials, they concentrated on the sectors of production that involve the transformation of natural resources and providing later on multiple kinds of services. This went on a mass scale that positions Japan economically by the 1900s.
Some of the major factors leading to economic success:
The rapid and effective appropriation of Western techniques in industrial production.
The Meiji administration constructed national railroad systems, enhanced existing roads, and inaugurated land reforms and invested in communications industries.
Japan concentrated efforts in specific industries such as shipyards, iron smelters, and spinning mills, which were then sold to highly skilled entrepreneurs.
All of the following were part of the Populist Party's program except A. a flat income tax—everyone pays the same rate or percentage
