The Japanese Economy During the Great Depression

This book provides a systematic explanation of a remarkable policy innovation in an emerging economy in the modern world.

The Japanese Economy During the Great Depression

This book provides a systematic explanation of a remarkable policy innovation in an emerging economy in the modern world. In doing so, it highlights the nature of the Japanese economy during the interwar period. It offers a canonical case study for an international macroeconomic policy of a small and open economy. Readers can draw lessons from the Japanese experience in the 1930s, recalling what kinds of challenges policymakers faced in a crisis situation, what they can do, and what they should not do. As a whole, it is a novel reference both for scholars in economic history and international economics and for policymakers all over the world. A comprehensive and clear-cut picture of the Japanese economy during the Great Depression in the 1930s is presented, including the policy innovations brought about by an iconoclastic finance minister, Korekiyo Takahashi, at that time. To this end, the book integrates the narrative analysis based on newly available archival documents and the quantitative analysis based on newly constructed macroeconomic data and contemporary econometric methodologies. This work shows how Japan escaped from the depression in its early stage. It illustrates a transmission mechanism of the macroeconomic stimulus package of currency depreciation, easy money, and fiscal expansion. As well, it argues that the key for economic recovery was currency depreciation and that expectations played a pivotal role in ending deflation and kick-starting economic recovery. Also contained here is an exploration of politico-economic interaction in the shaping of economic policy and the long-term consequences of policy actions such as departure from the gold standard and initiation of the government debt finance by the central bank. It is shown that the collapse of the international gold standard and the lack of governance of military spending resulted in a loss of fiscal discipline in the long run.

China During the Great Depression

The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history.

China During the Great Depression

"The Great Depression was a global phenomenon: every economy linked to international financial and commodity markets suffered. The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history. The Great Depression was a watershed in modern China. China was the only country on the silver standard in an international monetary system dominated by the gold standard. Fluctuations in international silver prices undermined China’s monetary system and destabilized its economy. In response to severe deflation, the state shifted its position toward the market from laissez-faire to committed intervention. Establishing a new monetary system, with a different foreign-exchange standard, required deliberate government management; ultimately the process of economic recovery and monetary change politicized the entire Chinese economy. By analyzing the impact of the slump and the process of recovery, this book examines the transformation of state–market relations in light of the linkages between the Chinese and the world economy."

The World Economic Crisis and Japanese Capitalism

The process of restrengthening Japanese competitive power has weakened the social position of Japanese workers. This book offers a stimulating analysis of the dynamics of the world and Japanese economy.

The World Economic Crisis and Japanese Capitalism

The current world economic crisis and its impact on Japanese capitalism contains many paradoxes. After the historical conditions of continuous growth under US economic hegemony broke down, generating a global economic crisis from the beginning of the 1970s, the restructuring of capitalism through the 'information revolution' seems paradoxically to be causing a historical reverse in social conditions of over a century. Although the Japanese economy is often regarded as an exceptionally successful economy it is not immune from the crisis. The process of restrengthening Japanese competitive power has weakened the social position of Japanese workers. This book offers a stimulating analysis of the dynamics of the world and Japanese economy. The author's previous book The Basic Theory of Capitalism gives a solid theoretical basis for the treatment of the current crisis in this present study.

China During the Great Depression

The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history.

China During the Great Depression

The Great Depression was a global phenomenon: every economy linked to international financial and commodity markets suffered. The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history. The Great Depression was a watershed in modern China. China was the only country on the silver standard in an international monetary system dominated by the gold standard. Fluctuations in international silver prices undermined Chinaâe(tm)s monetary system and destabilized its economy. In response to severe deflation, the state shifted its position toward the market from laissez faire to committed intervention. Establishing a new monetary system, with a different foreign-exchange standard, required deliberate government management; ultimately the process of economic recovery and monetary change politicized the entire Chinese economy. By analyzing the impact of the slump and the process of recovery, this book examines the transformation of state-market relations in light of the linkages between the Chinese and the world economy.

The Holy Grail of Macroeconomics

The revised edition of this highly acclaimed work presents crucial lessons from Japan's recession that could aid the US and other economies as they struggle to recover from the current financial crisis.

The Holy Grail of Macroeconomics

The revised edition of this highly acclaimed work presents cruciallessons from Japan's recession that could aid the US and othereconomies as they struggle to recover from the current financialcrisis. This book is about Japan's 15-year long recession and how itaffected current theoretical thinking about its causes and cures.It has a detailed explanation on what happened to Japan, but thediscoveries made are so far-reaching that a large portion ofeconomics literature will have to be modified to accommodateanother half to the macroeconomic spectrum of possibilities thatconventional theorists have overlooked. The author developed the idea of yin and yang business cycleswhere the conventional world of profit maximization is the yang andthe world of balance sheet recession, where companies areminimizing debt, is the yin. Once so divided, many varied theoriesdeveloped in macro economics since the 1930s can be nicelycategorized into a single comprehensive theory- The Holy Grailof Macro Economics

The Japanese Economy During the Great Depression

In this book, I revisit the achievements of Takahashi Korekiyo, a finance minister of Japan whose innovative macroeconomic policy brought Japan out of the global Great Depression in the 1930s. To this end, I review the Japanese economy ...

The Japanese Economy During the Great Depression

This book provides a systematic explanation of a remarkable policy innovation in an emerging economy in the modern world. In doing so, it highlights the nature of the Japanese economy during the interwar period. It offers a canonical case study for an international macroeconomic policy of a small and open economy. Readers can draw lessons from the Japanese experience in the 1930s, recalling what kinds of challenges policymakers faced in a crisis situation, what they can do, and what they should not do. As a whole, it is a novel reference both for scholars in economic history and international economics and for policymakers all over the world. A comprehensive and clear-cut picture of the Japanese economy during the Great Depression in the 1930s is presented, including the policy innovations brought about by an iconoclastic finance minister, Korekiyo Takahashi, at that time. To this end, the book integrates the narrative analysis based on newly available archival documents and the quantitative analysis based on newly constructed macroeconomic data and contemporary econometric methodologies. This work shows how Japan escaped from the depression in its early stage. It illustrates a transmission mechanism of the macroeconomic stimulus package of currency depreciation, easy money, and fiscal expansion. As well, it argues that the key for economic recovery was currency depreciation and that expectations played a pivotal role in ending deflation and kick-starting economic recovery. Also contained here is an exploration of politico-economic interaction in the shaping of economic policy and the long-term consequences of policy actions such as departure from the gold standard and initiation of the government debt finance by the central bank. It is shown that the collapse of the international gold standard and the lack of governance of military spending resulted in a loss of fiscal discipline in the long run.

Value and Crisis

Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value.

Value and Crisis

Analyzes Japanese contributions to Marxist theory Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. One contribution of the original Value and Crisis was to bridge Japan and the world in the field of Marxian political economy. Itoh’s second edition demonstrates an even wider-ranging familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of such theorists as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, together with the relevant parts of Capital and a section on the 1930’s Great Depression. Given today’s current emergencies of world capitalism and socialism, says Itoh, we need to work together to resolve new global problems, articulating new issues of Marx’s theories of value and crisis. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily.

The Global Economic System

The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the ...

The Global Economic System

Written for financial professionals, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.

Japan and International Law

This book is a record of the international symposium held at the Kyoto International Conference Hall to mark the centennial of the Japanese Association of International Law.

Japan and International Law

This book is a record of the international symposium held at the Kyoto International Conference Hall to mark the centennial of the Japanese Association of International Law. The purpose of the symposium was to reflect on past Japanese practice, to analyze current problems affecting Japan, and to seek to clarify the future role of Japan in the global community, in terms of international law. After joining the international community in the middle of the nineteenth century, Japan adopted a policy of wealth creation and armament in order to maintain its independence against the expanding Western States. At the same time, on the domestic scene, Japan vigorously promoted the modernization - Westernization - of its political, economic, and social institutions. Japan emerged as one of the victorious 'Principal Allied and Associated Powers' in World War I, and started asserting its place in the international order. However, in the aftermath of the Great Depression, Japan failed to reach agreement with the international community, eventually left the League of Nations, invaded the Asian continent, and met with complete military defeat in World War II. In the subsequent years, Japan toiled to rebuild its economy and to rejoin the world community, but despite its miraculous economic recovery and expansion, Japan remains ambivalent in its policy of contributing to the maintenance of international peace and security. During these one and a half centuries the Japanese practice of international law has covered a wide range of fields. From these various fields, the symposium took up three specific topics: War and Peace, Economy, and Human Rights, because of their relevance to past Japanese practice and because future Japanese practice in these areas would be bound to affect international law in the coming century. In addition, the symposium discussed Japanese transactions, in general, with international law. The period covered by the symposium has witnessed many drastic changes in the world, and international law, which used to be applied almost exclusively to relations among the Western States, has now come to be applied universally. The Association wished to emphasize that an analysis of Japanese practice should be of significance for anyone interested in promoting and consolidating the rule of law in the world community at large.

Economic Ideology and Japanese Industrial Policy

During the Great Depression and World War II, the ideology of developmentalism--characterized by a nationalistic perspective, a production orientation, and a strategic view of the economy, including restraint of market competition and ...

Economic Ideology and Japanese Industrial Policy

During the Great Depression and World War II, the ideology of developmentalism--characterized by a nationalistic perspective, a production orientation, and a strategic view of the economy, including restraint of market competition and rejection of the profit principle--emerged and strongly influenced policy innovation in Japan and institutional reforms in its economy. Liberal capitalism in the postwar era eliminated the military nature of the Japanese economy, and forced developmentalism to adapt to democratic political institutions and the free trade regime.

The First World War and the International Economy

Annotation copyrighted by Book News Inc., Portland, OR

The First World War and the International Economy

Economists and historians consider the bottom line of The Great War: its impact on the long-term growth rates of the belligerent countries and on individual sectors within those economies. Among the issues they tackle are trade barriers as a scapegoat for the sluggish state of world trade in the 1920s; links between the war, German banking instability, and the catastrophe in July 1931; the rapid expansion of US manufacturing, boosting of big business, and the shift of manufacturing to the southern part of the country; social and economic consequences for the British and Indian cotton industries; Japanese economy and society; and organized labor and female labor. Annotation copyrighted by Book News Inc., Portland, OR

Economies of World War Ii

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Economies of World War Ii

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 34. Chapters: Economic aid during World War II, Japanese invasion money, Lend-Lease, Economy of Nazi Germany, Empire of Japan, Demographics of Imperial Japan, Japanese government-issued dollar in Malaya, North Borneo, Sarawak and Brunei, Japanese-German industrial co-operation before World War II, Japanese mining and energy resources, Agriculture in the Empire of Japan, Anglo-American loan, Foreign commerce and shipping of Empire of Japan, Foreign Economic Administration, Industrial production in Sh wa Japan, Japanese military yen, Bank Emisyjny w Polsce, British War Relief Society, Japanese government-issued Philippine fiat peso, Four Year Plan, Cash and carry, Operation Cedar, Netherlands Indian roepiah, Oceanian pound. Excerpt: World War I and the subsequent Treaty of Versailles with its severe reparations imposed on Germany led to a decade of economic woes, including hyperinflation in the mid 1920s. Following the Wall Street Crash of 1929, the German economy, like many other western nations, suffered the effects of the Great Depression with unemployment soaring to unprecedented heights (Official figures say 6 million, but historians now believe the true figure was around 11 million). Although Hitler did not see the economy as a top priority, he did see its importance in his consolidation of power and used it to his advantage. When he became Chancellor in 1933 new efforts were introduced to improve Germany's economy, introducing autarky - discouraging most trade with other nations and emphasizing economic self-sufficiency - and a radical extension of the Autobahn system founded in the late years of the Weimar republic. This system had also been attempted in America with little success. In Nazi Germany, however, it appears the system was more successful. By 1938 unemployment was practically extinct and Germany even lacked...

The Interwar Economy of Japan

The economic policies of Japan's Finance Minister , Korekiyo Takahashi , during the Great Depression are more than a curious footnote in economic history . By 1932 , Takahashi's interventionist policies had reversed Japan's economic ...

The Interwar Economy of Japan

This volume traces the modern critical and performance history of this play, one of Shakespeare's most-loved and most-performed comedies. The essay focus on such modern concerns as feminism, deconstruction, textual theory, and queer theory.

Economic History of World War Ii

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Economic History of World War Ii

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 25. Chapters: Agriculture in the Empire of Japan, Bank Emisyjny w Polsce, Cash and carry (World War II), Demographics of Imperial Japan, Dutch annexation of German territory after World War II, Economy of Nazi Germany, Empire of Japan (economic and financial data), Foreign commerce and shipping of Empire of Japan, Four Year Plan, German reparations for World War II, Industrial production in Sh wa Japan, Japanese-German industrial co-operation before World War II. Excerpt: World War I and the subsequent Treaty of Versailles with its severe reparations imposed on Germany led to a decade of economic woes, including hyperinflation in the mid-1920s. Following the Wall Street Crash of 1929, the German economy, like those of many other western nations, suffered the effects of the Great Depression, with unemployment soaring. When Hitler became Chancellor in 1933, he introduced new efforts to improve Germany's economy, including autarky - discouraging most trade with other nations and emphasizing economic self-sufficiency - and a radical extension of the Autobahn system founded in the late years of the Weimar Republic. 20 Reichsmark noteThis system had also been attempted in America with little success. In Nazi Germany, however, it appears the system was more successful. By 1938, unemployment was practically extinct and Germany even lacked enough workers to fill the available jobs. However, this dramatic fall in unemployment levels was not all due to the creation of new jobs. Many Jews and women were forced out of their jobs and this made way for unemployed German men to take their place. However the women and Jews who had lost their jobs were not counted on the unemployment register. The Nazis considered Jews an inferior race and believed that women should stay at home, so neither of these groups contributed to unemployment...

The Great Recession

Unlike them, this book takes the real economy as the starting point and it situates the downturn within the societal context over the last several decades.

The Great Recession

Many books on the 2008 financial crisis and the current recession focus on the financial sector. Unlike them, this book takes the real economy as the starting point and it situates the downturn within the societal context over the last several decades. Important elements of the story include global manufacturing overcapacity and declining profitability, failure of advanced industrial economies to make a quantum jump in discoveries and innovations across a broad range of technologies, ascent of neo-liberalism after the fall of the Berlin Wall, the Asian financial crisis, the Japanese ?lost decade?, and the dot-com boom. This provides the backdrop of the birth of a market society, deregulation, easy credit, and financial excesses. The financial crisis reveals much that has gone astray in the business world over the last few decades ? short term thinking, manipulation of figures and image management at the cost of the basics. The financial sector has become an arena for accounting shenanigans and corporate skullduggery. It is also a symptom of deeper social and cultural change. Crisis of a very serious nature functions as a cleansing exercise. Already we have seen debates which re-examine values and ideas, state policy and business practices. If the world could rise to the challenge, history will view the crisis as a blessing in disguise and thus render it in positive terms.Contents: From Berlin Wall to Wall StreetA Tale of Two CrisesInsights from Japan's ?Lost Decade?Special Features of the 2008 CrisisBonfire of Financial ExcessesThe Moral EconomyA New Financial Landscape?Globalization and All ThatDon't Waste the Crisis Readership: General public and finance professionals.

The Great Depression Revisited

Forty years after the out break of the greatest economic crisis ever, it seems useful to draw up the balancesheet of the lessons learned from it. There exists a large literature about the depression of the thirties.

The Great Depression Revisited

For a quarter of a century the industrial Western world has been living in the euphoria of continuous improvements in welfare, based on economic programming, increasing integration and terms of trade which favor indus trial countries and discriminate against agricultural regions. It is true that recessions have periodically recurred during these years : time and again, however, government intervention succeeded in reducing them to mere "in ventory cycles". In contrast with the twenties and thirties, when economic policy in the West focused on fighting unemployment and stimulating investment, the postwar period has been characterized by a permanent concern to curb inflationary pressure, which was partly due to full-employ ment. The present welfare economy has given rise to a growth of the pro pensity to consume such that public policy has often been constrained to limit consumption and stimulate saving. In this new framework it has perhaps been forgotten that today's welfare owes much to the lessons from the past. The bitter world crisis experience of the thirties in particular has exerted a fruitful and decisive influence upon the search for means to prevent, eliminate or soften the cyclical fluctuations which the process of economic growth involves. Forty years after the out break of the greatest economic crisis ever, it seems useful to draw up the balancesheet of the lessons learned from it. There exists a large literature about the depression of the thirties.

Japan at War and Peace 1930 1949

The concept of a market economy was embraced and Japan adopted Western forms of free enterprise capitalism. The private sectorin a nation blessed with an abundance of aggressive entrepreneurs - welcomed such change.

Japan at War and Peace  1930 1949

Japan emerged from the 19th century as the first Asian industrialized nation. Domestic commercial activities and foreign trade had met the demands for material culture in the Tokugawa period, but the modernized Meiji and later Showa eras had radically different requirements. The concept of a market economy was embraced and Japan adopted Western forms of free enterprise capitalism. The private sectorin a nation blessed with an abundance of aggressive entrepreneurs - welcomed such change. Economic reforms included a unified modern currency based on the yen, banking, commercial and tax laws, stock exchanges, and a communications network. During the 1920s and early 1930s, Japan progressed toward a democratic system of government. However, parliamentary government was not rooted deeply enough to withstand the economic and political pressures of the 1930s, during which military leaders became increasingly influential. In the late 1920s, industry outstripped agriculture, and in the 1930s industry, moderately affected by the Great Depression plaguing the rest of the industrialized world, continued to grow. Using the strong Japanese economy to support their imperialistic designs, ultranationalist military officers succeeded in stifling the democratic movement and took control of the government in the name of the emperor. With their power unchecked, the militarist government led the nation into a series of military conflicts that culminated in the almost total destruction of the nation during World War II. World War II destroyed nearly half of Japan's industry. Japan's economy was completely disrupted, and the country was forced to rely on United States assistance and imports of essential food and raw material. Throughout the Occupation period, the country began the process of rebuilding its economy, industry, political base, and society.

Summary The Great Depression Ahead

The must-read summary of Harry S. Dent, Jr.’s book: “The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History”.

Summary  The Great Depression Ahead

The must-read summary of Harry S. Dent, Jr.’s book: “The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History”. This complete summary of “The Great Depression Ahead” by Harry S. Dent, Jr., a renowned economist and financial newsletter writer, presents the author’s argument that we can predict the future of the economy years and even decades in advance. The author explains how this can be done and he also argues that the next economic depression will happen in the 2010s. By reading Dent’s advice, you can ensure that you are prepared for the imminent crash ahead. Added-value of this summary: • Save time • Understand the factors leading to a financial crisis • Expand your knowledge of global economics and politics To learn more, read “The Great Depression Ahead” and find out how you can take measures now to protect yourself from the next economic crash that is likely ahead of us.

History of Big Recessions

A recession is a decline in economic activity for a period of at least half a year.

History of Big Recessions

A recession is a decline in economic activity for a period of at least half a year. The world has seen several recessions of varying degrees. Every part of the human inhabitable world has experienced a recession at a point of history. Compared to the underdeveloped and developing countries, the developed nations usually fall into definitive recession. Some recessions are of long duration like the Great Depression, while some are less severe economic crises. There are many causes for a recession. Economists around the world use different techniques to predict the recession. Also, there are many indicators to establish an economic condition as a recession. A recession can have long-lasting impacts on human lives. It can affect different dimensions of society. There are also many economists who are of the opinion that recessions are a normal part of an economic cycle. Something that provides an opportunity to take remedial measures and bring in innovations.

The Great Depression of Debt

It is superbly researched and thoughtfully written. The first half of the book is a window into the future, and the second half is an outstanding guideline for facing that future. This is the most important book I have read." â?

The Great Depression of Debt

This book takes a close look at today's economy and offers a bleak prediction for its future. However, those positioned to handle dramatic shifts in consumer spending, the mortgage industry, and the stock market are at a great advantage. Author Warren Brussee offers insight into the coming economic situation and provides steps to prepare for it. For example, he recommends that savings be in Treasury Inflation Protected Securities until the stock market drops 73% from its 2004 level. Methods of determining when the stock market is again a good buy are defined, and different investment options are evaluated. Even during a depression, people will need to save for their future, and Brussee provides detailed charts that show retirement savings requirements.