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: 16 October 2021



Credere and Debere

(p.204) 12 Conclusions
Capital as Will and Imagination

Mark Metzler

Cornell University Press

This chapter concludes the book by returning to the question of capital itself. After the heroic phase of industrial growth came the great bubble; these were two sides of a single process. If not checked, the system of creating credit capital not only can but must produce great debt crises. This is a point Schumpeter did not properly grasp in his theory. Japan's “asset bubble”—or debt bubble—when it reached its peak in 1989 was the biggest financial bubble in history up to that point. Foreign commentators imagined then that it was a uniquely Japanese problem. It now has the appearance of a precursor to the global credit bubble centered on the United States and Britain, which continued to build to its own peak in 2007–8. This brings us to some limits and blind spots in Schumpeter's analysis. It brings us also to the question we collectively face today: What comes after the age of Schumpeterian finance?

Keywords:   Japan, Japanese economy, capital, credit creation, asset bubble, Schumpeterian finance

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.