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During the first period, capitalism was established in Japan and industrial revolution started from 1880's. From 1887 to 1896, light industry, specially textiles were developed rapidly, and from 1897 - 1906 the heavy industries were established. Industries of railroads, mining, shipbuilding, iron and steel, and machine too! factories were developed, which were iater on turned to the private enterprise. During the First World War, the Japanese industry experienced significant growth, for, the European supplies were preoccupied with war and Japan had a chance to advance into the Asian markets. Japan provided allies with military supplies and its shipping services were in great demand. Values of Japanese exports rose three-fold, generating industrial boom and rapid accumulation of capital. During the war agricultural production was surpassed by the industrial production and progress. Japanese economy was laced with sound capitalistic base and capitalism became fully entrenched in Japan.