In 1900 Britain was in many respects the world’s leading nation, enjoying a large share of world trade, a dominant position in the international money market, and possessing a far flung empire supported by the world’s most powerful navy. Japan was a complete contrast, sharing with Britain only the fact that it too was a nation of Islands lying off the shore of a major continent. Until the 1860s it had possessed a social and economic structure more akin to that of feudal, rather than twentieth century, Europe. By the 1990s, the positions ....