The Dojima Rice Exchange

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.”

TAKATSUKI Yasuo
Born in 1979, Takatsuki Yasuo is an associate professor at the Research Institute for Economics and Business Administration, Kobe University with a specialty in economic history analysis. He received his BA from the Keio University Faculty of Policy Management, his MA from the Osaka University Graduate School of Economics, and his PhD from the University of Tokyo Graduate School of Economics. His publications include Kinsei kome shijo no keisei to tenkai: Bakufu shiho to Dōjima kome kaisho no hatten [The Rise and Development of the Rice Exchange Market in Tokugawa Japan: The Development of the Shogunal Court and the Dojima Rice Exchange] (University of Nagoya Press, 2012).

*information as of time of publication

History

Publisher:
Japan Publishing Industry Foundation for Culture

Hardcover
¥2,800 + tax
ISBN 9784866582191
210 mm x 148 mm / 236 pp. / August 2022

eBook
ISBN 9784866582221 (ePub)
ISBN 9784866582252 (PDF)
May 2022

CONTENTS
Preface to the English Edition
Introduction
1. The Birth of Osaka as Japan’s Central Market
2. The Emergence of the Osaka Rice Market
3. The Establishment of the Dojima Rice Exchange
4. Rice Certificates
5. Transactions in the Dojima Rice Exchange
6. Rice Inspections in the Daimyo Domains
7. The 1761 Law Prohibiting Empty Rice Certificates
8. The Shogunate’s Response to the “Empty Rice-Certificate” Problem
9. The Shogunate’s Response to the Problem of Falling Rice Prices
10. The Edo-Era Revolution in Communications
Epilogue
Afterword
Bibliography
Index
About the Author

海外の研究者が「世界初の先物取引市場」と評価する江戸時代、大坂堂島の米市場。米を証券化した｢米切手｣の先物取引が、現在の証券市場と同じようにまったくヴァーチャルな売り買いとして行われていた。このしばしば暴走を繰り返すマーケットに江戸幕府はいかに対処したのか。江戸時代の｢資本主義｣の実体を本格的に活写する。

高槻泰郎
1979年生まれ。慶應義塾大学総合政策学部卒業。大阪大学大学院経済学研究科前期博士課程、東京大学大学院経済学研究科後期博士課程修了。現在、神戸大学経済経営研究所准教授。専門はミクロ政策分析。

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