M.C. Huang
National Graduate Institute for
Policy Studies
Japan
A.R. Leen
Leiden University
The Netherlands
Huang, M. C. & Leen, A. R.
‘Revisiting the Feudal Free Market System in Japan: What Made The Golden
Age of Azuchi-Momoyama’1
Unlike other feudal lords during the era of 16th Century Japan, who ruled
by way of a primarily autarkic economy, Nobunaga Oda emerged as a powerful
player by implementing free market system with vibrant external trades that
accumulated vast amounts of wealth and capital with which he could expand his
regime. He abolished trading barriers and reduced restrictions in commercial
activities, which led to the domination of commercial capital and created
prosperity. Art and cultural activities were encouraged and patronised, resulting
in the Azuchi-Momoyama, the so-called ‘golden age’ with great castles, tea
ceremony and the special economic zone that still preserved until today.
JEL classification: N00; N01; N10; N15; P16.
Keywords: Nobunaga Oda, free market system, Azuchi-Momoyama, Sengoku,
mercantilism.
1. The Sengoku (War) Period2
Over the course of the 16th Century, Japan transformed itself from a
largely fragmented nation into a successfully centralised state; indeed, this was
the most efficient system of government prior to modern times. Before the
transformation, Japan had experienced an era of protracted military competition
among the warlord figures (Daimyo) that had multiplied in the provinces. Whilst
the Emperor (Tenno) and his military delegate (Muromachi Bakufu) maintained
power in the capital city, Kyoto, neither possessed the capability to influence
events outside that realm. It was extremely difficult to identify income and
expenditure on a domain basis. The struggle of commerce became an economic
and military necessity for the Daimyo struggling to establish a firm hold over
their domains in a situation comparable to European mercantilism. A
fundamental problem faced by the Daimyo when seeking to expand their control
over commercial activity was the growth in commercial trade and inter-village
1 Bron A.R. Leen with M.C. Huang, 'How a free market system resulted in hegemony and a magnificent era: the case of
Nobunga oda, 16th century, Japan', in: Archives of Economic History, vol. XIX, no.1, ISSN 1108-7005, pp. 5-16.
2 The Sengoku (Age of Civil War between 1467 to 1603) is a period in Japanese while military conflict among many
regimes before all political power was unified under the Tokugawa in 1603. During this period, the Shogun (Military lord)
or the Emperor of Japan was officially the ruler of his nation and every lord swore loyalty to him, he was largely a
marginalised and a symbolic icon.
1
trade within their domains. Transport and customs taxes were a new source of
income for the Daimyo, and their appeal was undeniable. The individual Daimyo,
however, had to be able to assert his authority over the fief holders whose lands
were situated near thoroughfares or rivers in order to erect private barriers.
The Daimyo, especially the ones powerful enough to assert regional
authority, were in nearly all respects locally autonomous. They asserted full
property rights over their domains, enforcing retainers in return for military
protection. Strategic castle headquarters were built for defensive purposes;
these were flocked by merchants, artisans and the inhabitants of the local
temples of major Buddhist denominations. Daimyo issued their own laws and
currency, and referred to their domains as their country. For a time, the whole of
Japan was controlled by military hegemonies imposed by the Tokugawa House.
For these reasons, the unification that took place in the 16th Century might be
better understood as a period of pacification. It was brought about by the
combined efforts of three regimes, namely those of Nobunaga Oda, Hideyoshi
Toyotomi and Ieyasu Tokugawa. This article will focus on an examination of the
first of these - Nobunaga Oda – and specifically his pioneering economic policies
in the period directly prior to Tokugawa.
2. Theoretical Background: What factors contributed to Oda’s hegemony?
During the 16th Century, Japan’s samurai began their dramatic passage
from rural patrimony to establishing themselves within the urban setting. By the
end of this process, the samurai had transformed themselves from landed
proprietors to stipend officials who possessed the institutionalised right to
govern society by virtue of their military status. This signified Japan’s transition
from the medieval to the early modern era. There have been many academic
studies into the contributing factors behind Nobunaga Oda’s rise to hegemony;
including Birt’s (1985) examination of Oda’s modern army. Other observers
emphasize the monopoly power of the political capital, Kyoto, and of commercial
capital (Sakai). Other observers emphasise the monopolising powers held by the
administrative capital, Kyoto, and Sakai. However, few attempts have been made
to analyse Oda’s free market and monetary policies, believed by the authors of
this article to be central reasons behind his rise to power.
Commerce in 16th Century Japan was no longer restricted by the regime;
individual cities retained the right to adjust and develop (Wakita, Hirayama &
Ishida, 1951: 128). When Oda invaded Kyoto, instead of burning it in the manner
of various predecessors, he established a free market that enabled the city to
become self-autonomous, requesting only financial support in return. This policy
was executed with even greater sophistication when Toyotomi acceded to
power; the free market system expanded from Kyoto to Osaka and several
autonomous ports were established. Some regard these developments during
2
the Sengoku period as a fundamental redistribution of wealth and power in
which the samurai above all else were the most negatively affected (Birt, 1985:
373). Although it was true that most samurai were handsomely compensated,
they were disenfranchised of their property rights as well as subjugated by the
Daimyo. They faced additional pressure from below, as villages resisted their
traditional roles and functions. During the Sengoku period, the commercial and
economic policies instigated by the Daimyo – such as the free market –
contributed to the establishment and growth of commercial cities like Sakai and
Hakata as well as Japanese civilisation as a whole (Honda, 2005: 2). Japanese
businessmen travelled freely about Southeast Asia, importing the latest
weaponry and hence allowing Oda to emerge as the dominant military power.
However, this period of free market economics did not last. When Tokugawa
came to power, signalling the start of the Edo period, free and foreign trade
became restricted and the Japan became autarkic once again.
The primary reasons behind the rapid economic growth witnessed by
Oda’s regime was his successful elimination of market privilege: he enabled the
free movement of goods (Skaiya et al, 2005: 77) and pledged all individuals with
the right to start up their own businesses free of start-up taxes or fees, for
example in the special economic area of Rakuichi Rakuza (City of Free Market).
Wakita (1975) notes that this policy enabled merchants and artisans to form
new commercial relationships and free themselves from earlier financial
subjugation, thus undermining the monopolistic power of Za. Under such
deregulation, the businessman – Sokyu Imai, undoubtedly became the most
benefited for he could rapidly expand their branches and approached the lord
directly. In addition to the trading business for weapons, he was pre-eminent
through Nobunaga Oda to become a central role among the merchant tea-men in
the rapidly developing tea aesthetic for the connoisseurship (Watsky, 1995).
Keys to Oda’s success were the alliances he formed with businessmen
(Skaiya et al, 2005: 78). 16th Century Japanese society underwent a
transformation from autarky to a system of exchange relationships (Nagahara,
1992: 146). For example, grain harvested by farmers was not restricted for sale
on the local market, but could be traded between provinces. Moreover, there
were no monopolies on the sale of specific goods; in other words, there was a
shift from ‘monopolistic’ to ‘free’ competition. Whereas other Daimyo imposed
transportation fees and protection measures on their own businesses in the
domestic market, Oda emancipated the traders under his rule from economic
restrictions and removed entrance barriers. Similar cases of low tariffs can be
observed in the case of 19th Century Europe (McKeown, 1983: 89). One of the
most important elements that contributed to the emergence of a free
international system in Europe was the encouragement of ‘openness’ rather than
national hegemony.
3
This period, named Azuchi-Momoyama after the two greatest castles built
by Oda and Toyotomi, has come to be regarded as the most magnificent era in
Japanese history. In Oda’s territory, western culture was harmoniously
integrated into Japanese life, as the powerful Daimyo was eager to gain access to
the latest global technological developments. Huge castles began to be
constructed, designed for aesthetic rather than defensive purposes, resulting in
huge opportunities for artists and artisans in the business of decoration and
entertainment. The castle towns and their development initiated by Nobunaga
Oda’s Asuchi castle and Hideyoshi Toyotomi’s Osaka Castle are national
headquarters for assemble and support the growing corps of officers and
soldiers (Hall, 1955). According to McClain (1980), during 1580 to 1700, the
Japanese growth could be marked the most exceptional period in the world
history while the population of Japan doubled. Those great wooden castles after
Oda and Toyotomi such as Himeji Castle, Hikone Castles, Inuyama Castles and
Matsumoto Castles that are remained till the 21st century3 are the heritage from
Azuchi-Momoyama and now serve as national treasure and symbols of Japan. 4
3. Three Approaches to Oda’s Hegemony
Oda’s innovative way of thinking predated similar Western developments
by nearly two hundred years, making the Azuchi-Momoyama period worthy of
further research. This article will analyse Oda’s rule, specifically examining the
following three factors, which it regards as the main reasons for his success:
 Creating a free trade market
The Oda and Toyotomi administrations emerged against the traditional
backdrop of marketing relations and marketing structure. Each undertook its
own set of reforms. Oda created a free trade policy for merchants in the
provinces of Mino and Owari, ordering ‘free markets and free guilds’ (Rakuichirakuza) in the castle towns of Azuchi and Kano. The credo refers to a commercial
policy whereby Sengoku Daimyo abolished both monopolistic guilds and the
obligation to trade within certain privately controlled markets (Ichi).
Great effort was put into abolishing checkpoints, therefore facilitating a
larger volume of trade. Oda, however, did not implement these policies in his
capital city of Kyoto, contrary to previously held opinions. Hence, guild
organisations remained active in Kyoto and Nara, where Oda protected the
established guild merchants and recognised their special rights.
Most of the great castles in Japan today are rebuilt after World War II with concreted structures
(Nagoya Castle, Kumamoto Castle, Hiroshima Castle, Matsuyama Castle etc.).
4 The Azuchi Castle was burned in 1582 after Nobunaga’s death in the Mitsuhide Akechi’s rebel.
The real reason of the fire remained unknown. The Osaka Castle was burned in the Battle of
Osaka in 1616, although once rebuilt in AC. 1626 but was burned by thunder in 1665. The
current Osaka Castle with concreted structure was built in 1931.
3
4
 The monetary system (Erizeni-rei)
Unlike other Daimyo, Oda legislated a systematic monetary policy. He avoided
the replacement of ‘good’ money by ‘bad’ money, a common occurrence
according to Gresham’s Law. Upon assuming control of the Mino and Owari
provinces in 1569, Oda issued orders prohibiting the collection of commercial or
tax obligations that exclusively utilised sound currency (‘Erizeni-rei’, or the
Money Selection Law). Creditors were forced to accept a fixed proportion of the
base currency in payment. This legislation, which also contributed to fiscal
policy, was the first example of a modern monetary policy designed to stabilise
the currency system in Japan. Commercial activities were facilitated in a steady
platform, causing commerce and manufacturing to flourish.
 Military power and elites
Oda was additionally considered to possess a significant advantage over his
competitors because of the firearms he purchased. His financial capabilities also
enabled him to establish a professional army, whereas other Daimyo had to press
farm labourers into short-term military service. Nobunaga Oda’s personality also
played a role in his success; he accepted Western culture and was open to
suggestions from staff-members and advisors such as General Katuie Shibada
and Ambassador Mituhide Akechi. He also successfully connected with the
Ashikaga Shogun and Hedoyoshi Hashiba, who would go on to further unite
Japan after Oda.
Figure 1. Contributing factors to Oda’s hegemony
5
Figure 1 illustrates the convergence of the above-mentioned reasons for Oda’s
success and eventual hegemony. Their synergy represents the core value of
Oda’s policy: only a strong economy can support the resources essential to
building a successful regime. There existed few Daimyo that were capable of
harmonising these elements in the way Oda could; this ability was the reason for
his success.
4. The Rise of Oda
The medieval Japanese period was characterised by a feudal system in
which laymen paid fealty to landlords. Japan’s rapid development during the 16th
Century was, however, rather surprising to the rest of the world. In the
aftermath of the On-Nin Crisis in 1473, Japan had fallen into a chaotic period of
traditional feudalism in which the state apparatus collapsed and deadly conflict
between feudal lords became the norm. Some consider this period to be Japan’s
dark age (Anderson, 1974: 440). Nobunaga Oda forged the first regional coalition
to establish control of central Japan. Leading huge armies equipped with
muskets and cannons, he succeeded in liquidating Buddhist militarism, removed
the independence of the merchant towns, and eventually gained control of one
third of the country.
Other regimes restricted trade and set customs in order to charge a fee or
control the flow of information. Oda, however, made his territories into tax-free
markets that welcomed all walks of life. By emphasising the importance of
commerce, he was soon sponsored by many businessmen. He used his financial
resources to build a professional army that could be mobilised at any moment
whereas other Daimyo, whose armies were comprised of farmers, had to take the
harvest schedule into account before deploying their troops. This enabled Oda to
engage in several successful military campaigns to expand his territory. Oda’s
perspective revealed not only economic wisdom but also keenness to
incorporate Western cultural and technology. Oda encouraged the firearms
industry and pioneered the transformation of the ‘individual sword war’ into the
‘group gun war’. Japan thus became a nation of mass gun-production.
Because of its limits on economic development, Oda was not satisfied with
an autarky based upon agriculture. Instead, he emphasised the importance of
commerce and manufacturing. Unlike other Daimyo, many of whom prioritised
land and agriculture, Oda believed that with enough gold and silver he could
easily manage his food and military needs. Rather than trying to ‘destroy’ his
enemies by military means, Oda first sought to wage economic warfare against
them, only using weapons as a second resort and even then mostly as a scare
tactic.
6
Oda passed his first free trade market legislation in Gifu in 1567. Another
free market area was established a year after the construction of Azuchi Castle in
1577. From 1569 onward, Oda controlled the important central Japanese coastal
region of Ise Bay after defeating the Kitagatake. He also facilitated roads over
land and sea, creating good transport links that also benefitted the army. After
Oda’s death, Hashiba (Hideyoshi Toyotomi) continued this policy.
Figure 2. The peak of Oda’s hegemony in 1582
5. Oda’s Commercial Policy: Comparison with Mercantilism
During Japan’s medieval period, the imperial family, nobility, religious
institutions and guilds had achieved a near monopoly over the conduct of trade.
Sengoku Daimyo tried to extend their own authority over commerce and
industry by attempting to modify or abolish the old structure and its associated
privileges. Many Daimyo eliminated the checkpoints that had obstructed the free
flow of trade, leaving only the barriers located on the boundaries between
domains intact. Oda’s territory was the most advanced in this sense, as it had the
added benefit of containing the important cities of Kyoto and Sakai.
The appearance of domain-based economic systems should not be
equated with the functional implementation of completely self-supporting
economic systems. Even in the Sengoku period, the economic power
concentrated in the Kinai region – such as in the urban areas of Kyoto and Sakai –
had begun to form the bases of a national economy. Located within what might
be described as the capital’s marketing area, Kinai was the heart of domestic
commerce and the terminus for trade with continental East Asia. Daimyo
7
continued to export crops and raw materials for handicrafts, and to import
armaments, textiles and other goods that they could not produce in their own
domains.
The policies implemented by Nobunaga Oda were crucial to the
transformation of feudal Japan (Wakita, 1982: 246). Compared to the
Mercantilist period that Europe was experiencing, the Oda regime abolished
barrier checkpoints and attempts to control merchants, and promoted free trade.
European mercantilism, on the other hand, saw export as a means of obtaining
gold. For Oda, market liberty was the priority. Aside from the abolishment of
trade barriers and the liberty of guild members (Nagahara, 1992: 157), Oda
sought to construct a monetary system that stabilised a platform to accumulate
wealth. However, he continued to let merchants in the castle towns conduct
business by monopolising trade on the main roads and trunk lines.
Japan possesses abundant gold and silver resources, hence the lack of a
‘bullionist’ policy during this time. Trading was Oda’s preferred method of
obtaining the latest military technologies, made possible by the commercial
prosperity of his regime. However, only certain prestigious businessmen with
special rights were allowed to engage in international trade; Oda’s free market
system was therefore not an example of fully-fledged capitalism. In this respect,
Oda initiated policies that were identical to those used by other Sengoku Daimyo.
Given the problems that Oda faced, this was perhaps his most effective option in
that it was reconcilable with his fundamental policy of reconfirming the rights of
court nobles and religious institutions.
 Policies of other Daimyo
In this section, we make a short comparison of the fiscal policies of Oda and the
other powerful regimes of the period such as Shingen Takeda (1521-73),
Kenshin Uezugi (1530-78), Ujimasa Hojo (1538-90) and Motonari Mori (14971571).
Shingen Takeda struggled with geographic constraints in the
mountainous area. However, with great disciplined administration, he built up a
strong army and an equally powerful administration. Takeda essentially levied
tax from the property of water, though most of his financial resources came from
gold mines within his territory. However, this proved unsustainable for the
regime to sustain the regime after Shinken Takeda’s death.
For Kenshin Uezugi, his territory suffered from heavy snowfall during the
winter, leading him to facilitate transportation links and levy little tax on
commerce. As an adorer, Uezugi carefully protected religion and exempted the
religious from taxation. The same rules applied to the liquor industry on account
8
of the fact that Uezugi was himself an alcoholic. Like Takeda, Uezugi had a
profitable gold mine that enabled him to sustain his regime and army.
Ujimasa Hojo and Mori’s territories were located in the east and west, and
both emphasised and subsidised the agricultural economy. Mori designed a
special loan body for farmers that were suffering from temporary financial
difficulties. Hojo levied tax from the staff of his regime. Because Hojo’s territory
was isolated from Kyoto, he had to levy a special tax every time he went to
personally meet with the emperor on account of the journey’s expense.
Although the abovementioned Daimyo were initially very powerful and
possessed large armies, they could not compete with Oda over time. Oda did not
destroy the traditional medieval system of market relationships in one fell
swoop; rather, he believed it expedient to permit old and new practices to
coexist. His administration recognised the imperial checkpoints at the seven
entrances to Kyoto and permitted transport associations to retain their
traditional privileges and control trade along their major transportation routes.
This was in large part due to the fact that Oda’s political and military
organisation never achieved the centralised control, executed by the later
Toyotomi administration.
Oda’s administration could satisfy its economic requirements through
existing commercial institutions. Though his administration brought the area
around the capital under its control, most of the local markets outside this area
remained in the hands of the Sengoku Daimyo, who were rivals of Oda. Even as
late as 1582, the year of his death, Oda never gained control of the Inland Sea,
and maintained only a tenuous hold on the coastal area. Guild organisations, on
the other hand, were under the patronage of the nobility and religious
institutions and were able to engage in trade throughout the country. By not
interfering in their operations, Oda preserved both the dominant economic role
of Kyoto as well as his access to provincial goods.
The policies of Oda and Toyotomi affected both the merchant-artisan
community and its urban setting, giving rise to the economic structure
characteristic of early modern society. The basis of the Kinsei economic system
was the Kokudaka and the method of collecting land revenues from the peasants.
The Daimyo did not keep the entirety of this tax for themselves, but sent portions
of it to markets to be sold. One consequence of this process was that it limited
the degree to which the peasantry could participate in the commercial sector.
Since the shogun and Daimyo siphoned off the value of those rural goods that
could be marketed – such as rice and other specialty products - in the form of
taxes, the peasantry was locked into a domain-based economy while the
territorial lords were able to dominate the national market. This may give
9
implication of pre-modern economic growth for the following Tokugawa period
of social stability stated by Smith (1973). It is now unanimously accepted that
during the century of political unification, Japan underwent a process of
fundamental transformation and rapid growth that was, in its speed and scope,
matched only by the transformation witnessed during the century that followed
the Meiji Restoration. It is also apparent that the three interacting forces detailed
above (see Figure 1) were the principle causes of this transformation.
6. The Golden Age of Japan: The Azuchi-Momoyama Period
The Azuchi-Momoyama period (1568-98) is considered Japan’s golden
age (Takayangi, 1977: 516), and was characterised by exuberance, grandeur and
a dynamic development that is not observable in any other period of Japanese
history. It was a time of dramatic social and political change, and of brilliant
artistic innovation and achievement. The Oda regime built castles as works of art
rather than practical defensive structures; they were situated in scenic locations
rather than strategic ones and were intended as a symbol of wealth and power.
Aside from these splendid constructions, Oda paid great attention to the
arts. Masterpieces of painting, sculpture, calligraphy, tea ceremony utensils,
lacquer ware, ceramics, metalwork, arms, armour, textiles and Noh masks
emerged during his rule. Moreover, Oda and his follower Toyotomi were avid
patrons of the tea ceremony, and both became Sukimono in order to acquire the
trust of the upper classes. It is no coincidence that the greatest tea master of the
16th Century and subject of countless scholarly writings, Sen Rikyu, was present
during this time. Of equal, if not greater importance was the role that the tea
ceremony played as a forum for men belonging to different social strata. Tea
provided an opportunity for warriors and merchants to make formal contacts
and facilitated methods of communication regarding the many concerns they
shared.
Another feature of this period was the influence of Western culture,
which revealed itself in the Japanese language, architecture, weapons, dress,
religion and lifestyle. An example of this was the integration of some Portuguese
pronunciation into the Japanese language; this was the result of Oda allowing the
Portuguese Jesus Administration to perform missionary duties in an effort to
combat the influence of the Buddhist Ikkou-Shou and Hon-genn-ji regimes. He
even built a church and seminary in the castle town of Azuchi. Japan had never
been so exposed to internationalisation as it was under Oda. However, after
Oda’s death, Toyotomi would in 1587 prohibit Christianity for fear that the
religious gatherings presented a threat to his authority. In the end, Tokugawa
Bakufu declared Christianity outright illegal and imposed significant restrictions
on trade with foreign countries; this was known as the ‘Lock the State’ policy and
signalled the end of the Azuchi-momoyama period.
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7. Conclusion: Past, Present and Perspective
Under Nobunaga Oda, commercial and monetary policy facilitated trade
and transportation that created a free market system, resulting in an industrial
boom and enhanced Oda’s capacity to accumulate capital and wealth. As
illustrated above, the other Daimyo were unable to match Oda’s achievements
due to the combination of their relative lack of geographical advantage and
ability to keep an open mind like Oda. Numerous Daimyo did pursue prosperity
through international trade and commerce, but few of them could successfully
imitate Oda’s systemic planning. Oda’s heart was rooted in liberty: he insisted on
increasing the openness of the market and believed that free trade and selfencouragement were the keys to increasing welfare. Oda’s policy of freedom not
only opened up trade but also resulted in the establishment of Japan’s golden
era. Under his administration, the artistic and cultural boom experienced by
Japan during this time became possible. His example and legend can inspire
many conventional policy-makers; opening up the market, removing economic
restrictions and involving oneself in the international order are all viable means
of progress. The magnificent Azuchi-Momoyama period did not last long, and
ended with Tokugawa Bakufu’s ‘isolation’ policy. However, the overall increase
in welfare as a result of the free market system was already in evidence. Modern
developing countries that are dedicated to promoting a free market platform
may rest assured that their own magnificent eras will soon follow.
Some similar features could be observed in modern society, for example
the rapid economic development in the emerging economies in the East Asia
such as the Asian Tigers, the newly industrialized countries,5 ASEAN countries
and most of all, China. The deregulation on customs and subsequently
established free trade cities and five special economic zones (SEZ), thereby
transforming itself from a socialist-communist society into an advanced
capitalistic regional hegemon. In addition to the free market model city, a greater
regional free trade agreement (FTA) or economic union mushroomed at the
beginning of the 21st century, sparing the efficiency and the persuasion for a free
market system confronting the global integration.
5
Usually refer to Taiwan, South Korea, Singapore and Hong Kong.
11
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