Inflation as Capital
Inflation as Capital
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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