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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

Indication and Flow

(p.188) 11 High-Speed Growth
Capital as Will and Imagination

Mark Metzler

Cornell University Press

By 1963, Japan's new style and pace of development had its own dynamic balance and its own norms. In a longer retrospect, what was now being revealed was a new developmental norm, whose main field of action was opening in East Asia. In fact, the Japanese economy had entered what Schumpeter liked to call a “New Economic Space.” This chapter ties together several threads in this book by considering this New Economic Space from the aspects of credit creation, investment, and planning. The consultative national planning process itself can be considered a pragmatic extension of Schumpeter's model in a direction he did not imagine or think possible: toward an entrepreneurial role for the state. Here, Nakayama Ichirō and Ōkita Saburō served as chief facilitators.

Keywords:   Japan, Japanese economy, economic policy, economic development, economic growth, Nakayama Ichirō, Ōkita Saburō, credit creation, investment, Joseph Schumpeter

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