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The restructuring of Japan’s iron and steel industry between 1919 and 1934 sees a shift from the “entrepreneurial” mode of exchange to that of “mercantile.” In this context, the paper considers the use of moral persuasion exercised by government to convince business to restructure the industry to achieve greater aggregate efficiency. Particular attention is given to what we call the “moral imperative” argument. This form of moral persuasion derived its strength and legitimacy from national aspirations embedded in such goals as fukoku kyo¯hei or shokusan ko¯gyo¯. Apart from Yawata, the government- owned and -operated integrated producer, the industry was largely divided between iron and steel producers. It is thus that government came to the negotiation table not only mandated to realize the industry’s greater efficiency, but also was decidedly the most efficient producer. As our analysis shows, despite this, business resisted for much of the period in question. It was only when business’ financial calculations turned in favor amalgamation that this was achieved and a new mode of exchange emerged.
