The fact that Japan started capitalization and industrialization much later than advanced countries has imparted considerable peculiarities to her economy. Japan has had to establish her manufacturing industries amidst com¬petition from advanced countries. This was the case when she first suc¬ceeded in establishing her light industries as export industries; so it has been in recent times with the exportation of chemicals and machinery, and will be in the future with the exportation of manufactured goods newly developed. On the other hand, there are many young rising nations which are speeding up their industrialization. Some of them have already succeeded in establishing their light industries as export industries, replacing the im¬ports from Japan in their domestic markets and competing with Japanese goods in world markets.