This book rigorously assesses Japanese colonial rule in the Chinese region of Manchuria from 1907 to 1945 through the lens of foreign investment. Through a firm-level analysis of public and private investment, the book examines the economic strategies and motivations behind Japanese rule in Manchuria. Drawing on rare archival sources, including company charters, trade records, and financial statements, the book analyses the development objectives of key actors such as the South Manchurian Railway Company, the Manchuria Heavy Industrial Development Company, and the zaibatsu conglomerates. It reveals how demographic and other strategic considerations gave way to Japanese early investments in transport infrastructure and late militarized industrialization, shaped by the Kwantung Army’s direct interventions.

The book also traces the enduring legacy of Japanese colonial investment, identifying continuities between wartime industrial structures and the centrally planned economy of Maoist China. By quantifying the role of the military as an economic actor and exploring the long-term impact of imperial capital, the book contributes to ongoing debates in economic history, business history, and the political economy of development. This volume will be of interest to scholars of East Asian economic history, international economics, and imperial studies, as well as those examining the intersections of war, industry, and state-building.

Alejandro Ayuso Díaz is Associate Professor of Economic History at Universidad Pública de Navarra and a member of INARBE and the Laureano Figuerola Institute. His research focuses on colonial trade, regional integration, and the economic history of the Japanese Empire. He has published in leading journals including The Economic History Review and Journal of the Japanese and International Economies, and held visiting positions at Hitotsubashi University and Universidad Carlos III de Madrid.