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The Dojima Rice Market and the Origins of Futures Trading
Moss, David A.; Kintgen, EugeneCase HBS-709044-EEconomicsIn 1730, Japanese merchants petitioned shogun Tokugawa Yoshimune to officially authorize trade in rice futures at the Dojima Exchange, the world's first organized (but unsanctioned) futures market. For many years, the Japanese government had prohibited the trade of futures bills because it was widely regarded as a form of gambling that caused rice prices to rise. However, when the price of rice fell to record lows in the late 1720s, the samurai (...Starting at €8.20