Discuss the important part of Meiji reform of the economy.

The important part of the Meiji reform was the modernisation of the economy. Following steps were taken for this:

• Japan’s first railway line, between Tokyo and the Port of Yokohama was built in 1870-72.
• Funds were raised by levying an agricultural tax.
• Textile machinery was imported from Europe and foreign technicians were also employed to train workers and also to teach in universities and schools. Japanese students were also sent to abroad.
• In 1872, modem banking institutions were also launched.
• Companies like Mitsubishi and Sumitomo were also helped through subsidies and tax benefits to become major shipbuilders so that Japanese trade was carried through Japanese ships.
• The number of industrial labourer in Japan was 700,000 in 1870 CE which reached upto four million in 1913. Most of the labourers worked in units having less than 5 people.
• By 1925, 21 per cent of the population lived in cities. By 1935, this figure had gone upto 32 per cent.