Which economic system based on private ownership of the means of production and their operation for profit was employed during the reign of Emporer Meiji?
Emperor Meiji Emperor Meiji (明治天皇 , Meiji-tennō , November 3, 1852 – July 30, 1912) , or Meiji the Great (明治大帝 , Meiji-taitei ) , was the 122nd Emperor of Japan according to the traditional order of succession, reigning from February 3, 1867 until his death on July 30, 1912. He presided over a time of rapid change in the Empire of Japan, as the nation quickly changed from an isolationist feudal state to a capitalist and imperial world power, characterized by the Japanese industrial revolution.
Economic system An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. As such, an economic system is a type of social system. The mode of production is a related concept. All economic systems have three basic questions to ask: "what" to produce, "how" to produce and in what quantities, and "who" receives the output of production.