Main description: Richard Smethurst shows that the growth of a rural market economy did not impoverish the Japanese farmer. Instead, it led to a general increase in rural prosperity.Originally published in 1986.The Princeton Legacy Library uses the latest print-on-demand technology to again make...

This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm?s investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....