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Capital as Will and Imagination: Schumpeter's Guide to the Postwar Japanese Miracle

Online ISBN:
9780801467912
Print ISBN:
9780801451799
Publisher:
Cornell University Press
Book

Capital as Will and Imagination: Schumpeter's Guide to the Postwar Japanese Miracle

Mark Metzler
Mark Metzler
Associate Professor of History, the University of Texas, Austin
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Published:
21 March 2013
Online ISBN:
9780801467912
Print ISBN:
9780801451799
Publisher:
Cornell University Press

Abstract

Joseph Schumpeter's conceptions of entrepreneurship, innovation, and creative destruction have been hugely influential. He pioneered the study of economic development and of technological paradigm shifts and was a forerunner of the emerging field of evolutionary economics. He is not thought of as a theorist of credit-supercharged high-speed growth, but this is what he became in postwar Japan. As this book shows, economists and planners in postwar Japan seized upon Schumpeter's ideas and put them directly to work. The inflationary creation of credit, as theorized by Schumpeter, was a vital but mostly unrecognized aspect of the successful stabilization of Japanese capitalism after World War II and was integral to Japan's postwar success. It also helps to explain Japan's bubble, and the global bubbles that have followed it. The heterodox analysis presented in the book goes beyond the economic history of postwar Japan; it opens up a new view of the core circuits of modern capital in general.

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