Odd Markets in Japanese History

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Focusing on the intersection of law and economic growth in Japan, the author employs a rational-choice framework to analyze historical markets, particularly those deemed "exploitative," such as indentured servitude and sexual services. He highlights how Japanese courts established clear property rights and how market participants adeptly navigated informational asymmetries during contracts. The findings suggest that Japan's legal system fostered mutually beneficial agreements, leading to efficient economic growth without systematic exploitation based on sex or age.