Intersectoral capital flows in the economic development of Taiwan, 1895-1960

Abstract

In the recent period. the literature on the role of agriculture in the economic development has been enhanced by a number of essays on intersectoral capital flows in relation to the transformation of traditional agriculture in less developed countries (1, 2, 4, 5, 6, 7, 10, 11. 12, 13, 14, 15). Two different viewpoints can be categorized from these papers. One is that agriculture does not require a large amount of capital for its transformation. Agriculture, therefore. is a great contributor of capital to industrialization. The other opinion is that the investment requirements for agricultural transformation are so large that capital may have net inflow from nonagriculture to agriculture. These views are based primarily on different emphases of how to modernize the traditional agriculture. Obviously, there are many differences between countries in socialinstitutional arrangements with which to mobilize the resources from the agricultural sector to the nonagricultural sector. According to the initial level of agricultural productivity and resource endowment, capital requirement for transforming traditional agriculture will be different between countries (4). The experiences of successful econo-

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