The Schumpeterian Boom
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.
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