In this episode, we explore the economy of the Empire of Japan from the Meiji Restoration to the end of World War II, tracing its transformation from a predominantly agricultural society into a major industrial and military power. We examine how state-led modernization, infrastructure investment, banking reform, and the growth of industries such as textiles, shipbuilding, and heavy manufacturing accelerated Japan’s economic development. The episode also looks at the increasing influence of large industrial conglomerates, the shift toward a tightly controlled wartime economy, and the impact of the State General Mobilization Law on private enterprise and military production. As Japan sought greater economic self-sufficiency, its leaders increasingly relied on expansion into East and Southeast Asia to secure oil, coal, minerals, and other strategic resources. By 1945, however, resource shortages, blockade, bombing, and military defeat had brought the imperial economic system to collapse.