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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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The State-Bank Complex

The State-Bank Complex

(p.137) 8 The State-Bank Complex
Capital as Will and Imagination

Mark Metzler

Cornell University Press

The relationship between the state and the banking system constitutes a defining feature of a national political-economic system, with implications for many other things. Chapter 7 described how U.S. authorities reversed political course in Japan and enforced a policy of credit-capital restriction in 1948–49. This chapter explains how Japanese financial authorities simultaneously preserved and consolidated the core financial circuits of Japan's capitalist economy. It contextualizes that process within the historical stream of the development of Japan's state–bank complex. Japanese countermeasures to work around the U.S.-imposed credit-restriction policy involved the privatization of the government's expansionary credit-creation policy: in effect, the private banking sector was remobilized to serve national ends. The result was a system of “superdirect,” Schumpeterian finance.

Keywords:   state, banking system, financial policy, industrial finance, Japanese banks, credit restriction, credit creation, private banking, Schumpeterian finance

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