["Asia‐Pacific Economic History Review, Volume 66, Issue 1, Page 3-32, March 2026. ", "\nAbstract\nRevised GDP data suggest that Japan was more than one‐third richer in 1874 than suggested by Maddison, and that Meiji period growth built on earlier development. Despite trend GDP per capita growth during the Tokugawa Shogunate, the catching‐up process only started after 1890 with respect to Britain, and after World War I with respect to the United States. Although catching‐up was driven by productivity growth in manufacturing, Japanese export success also depended on limiting the growth of real wages. Despite claims of a distinctive Asian path of labour‐intensive industrialisation, capital played an important role in the catching‐up process.\n"]