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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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High-Speed Growth

High-Speed Growth

The Schumpeterian Boom

Chapter:
(p.173) 10 High-Speed Growth
Source:
Capital as Will and Imagination
Author(s):

Mark Metzler

Publisher:
Cornell University Press
DOI:10.7591/cornell/9780801451799.003.0011

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

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