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Capital as Will and ImaginationSchumpeter's Guide to the Postwar Japanese Miracle$
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Mark Metzler

Print publication date: 2013

Print ISBN-13: 9780801451799

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801451799.001.0001

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Inflation and Its Productions

(p.1) Introduction
Capital as Will and Imagination

Mark Metzler

Cornell University Press

This introductory chapter sets out the book's purpose, which is to investigate the financial fountainhead of modern capitalist development: inflationary credit creation. For empirical material, it uses the experience of Japan in the fifteen years after World War II, from the period of postwar recovery to the onset of “High-Speed Growth” in the second half of the 1950s. The discussion then turns to Joseph Schumpeter's notion of “forced savings,” which refers to a specifically developmental type of credit creation, the financial counterpart to entrepreneurial innovation. This concept also appeared in Japan's first and most influential textbook of neoclassical economics. An overview of the subsequent chapters is also presented.

Keywords:   inflationary credit creation, postwar Japan, Joseph Schumpeter, forced savings, neoclassical economics, high-speed growth

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