Odd Markets in Japanese History

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The book examines the historical interplay between law and markets in Japan, utilizing a rational-choice framework. It focuses on markets often deemed "exploitative," such as those for indentured servants and sexual services, analyzing how participants navigated informational asymmetries in contracts. Findings reveal that Japanese courts clearly defined property rights, fostering efficient economic growth and promoting mutually beneficial agreements. The author asserts that market participants, regardless of socioeconomic status or gender, effectively addressed informational imbalances, with no evidence of systemic exploitation based on sex or age.