This essay elaborates and analyses the reasons why Taiwan Development Company (TDC) could not be established in the 1920’s, while Izawa Takio is the Governor–General of Taiwan. Comparing the enormous benefits that TDC might produce and the result that the establishment of TDC was forced to cease, the outcome is surprising yet confusing. Therefore, in order to point out the uniqueness of the development in this stage, the first part would discuss the previous development before the establishment of TDC, and the reason why the establishment of TDC is so crucial to Izawa Takio will be discussed in the second part. TDC could be regarded as the alternate option for the immigrant policy back then. The complicated relationship involves the ownership of land property, the consideration of power disposition of Taiwan Governor General’s Office and the threat that the sugar industry faces to. Furthermore, the third part of essay discusses the preparatory work of TDC and all the other possible elements that resist the establishment of TDC. The lack of governing law, the Oriental Development Company as previously inefficient instance, Politician–Businessman collusion, the financial problem of Japan government, and the construction of the dam of Sun Moon Lake are the five major reasons.

national policy company；Taiwan Development Company；Izawa Takio