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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 as Capital

Inflation as Capital

(p.82) 6 Inflation as Capital
Capital as Will and Imagination

Mark Metzler

Cornell University Press

This chapter discusses the inflationary reconstruction policy championed by minister of finance Ishibashi Tanzan. Tanzan was among the visionaries of Japan's postwar growth. During his term as finance minister, much of the business world became deeply indebted to him for the funds he directed their way. For the same reasons, Ishibashi was purged by U.S. authorities in May 1947 after only a year in office. To forestall deflation, he proposed his own positive policy consisting of five points: (1) special promotion of pivotal industries; (2) reconstruction finance; (3) industrial rationalization (not a “negative contraction of operations” but a “positive” promotion of increased productivity in order to increase incomes); (4) an unemployment policy; and (5) economic democracy.

Keywords:   postwar inflation, Japan, economic policy, Ishibashi Tanzan, finance policy, inflation policy, capitalism, capital creation, spending

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