Jump to ContentJump to Main Navigation
Capital as Will and ImaginationSchumpeter's Guide to the Postwar Japanese Miracle$
Users without a subscription are not able to see the full content.

Mark Metzler

Print publication date: 2013

Print ISBN-13: 9780801451799

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801451799.001.0001

Show Summary Details
Page of

PRINTED FROM Cornell University Press SCHOLARSHIP ONLINE (www.cornell.universitypressscholarship.com). (c) Copyright University of Cornell University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in Cornell for personal use. date: 30 November 2021

High-Speed Growth

High-Speed Growth

The Schumpeterian Boom

(p.173) 10 High-Speed Growth
Capital as Will and Imagination

Mark Metzler

Cornell University Press

This chapter considers Japan's High-Speed Growth as an exemplary Schumpeterian long boom and outlines its business-cyclic character. Business cycles were driven by industrial investment, which proceeded so fast that it repeatedly bumped up against external monetary constraints. The outer, containing circuit of monetary circulation was the sphere of U.S. dollar circulation. From Japan's standpoint, this was a sphere of “hard,” non-creatable money. It was in their management of the inner, impelling circuit of domestic credit-money creation that Japanese authorities were free to create “New Economic Space,” to borrow another of Schumpeter's terms. These inner and outer monetary spheres were organically connected, and this connection was manifested in a business-cyclic process, but in this inner sphere, the constraints were substantially self-determined.

Keywords:   Japan, high-speed growth, economic growth, credit-money creation, economic policy, business cycle

Cornell Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.