Title Capital as will and imagination : Schumpeter's guide to the postwar Japanese miracle / Mark Metzler

Published Ithaca, N.Y. : Cornell University Press, 2013

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Description 1 online resource (xvii, 295 pages) Series Cornell studies in money Cornell studies in money. Contents Introduction : Inflation and Its Productions -- The Revolution in Prices -- Dramatis Personae -- What Is Capital? -- Flows and Stores -- Japanese Capitalism under Occupation -- Inflation as Capital -- Interlude (Deflation) -- The State-Bank Complex -- The Turning Point -- High-Speed Growth : The Schumpeterian Boom -- High-Speed Growth : Indication and Flow -- Conclusions : Credere and Debere Summary With this book, the author continues his investigation into the economic history of twentieth-century Japan that he began in Lever of Empire. In this book, he focuses on the successful stabilization of Japanese capitalism after the Second World War. How did a defeated and heavily damaged nation manage reconstruction so rapidly? What economic beliefs resulted in the "miracle" years of high-speed economic growth? The author argues that the inflationary creation of credit was key to Japan's postwar success - and its eventual demise due to its instability over the long term. To prove his case, he explores heterodox ideas about economic life, in particular Joseph Schumpeter's realization that inflation is intrinsic to capitalist development. Schumpeter's ideas, widely ignored within standard American neoclassical economic theory, were shaped by his experience of Austria's reconstruction after 1918. They were highly influential in Japan, and the author traces their impact in the period from the Allied Occupation, starting in 1945, through the Income Doubling Plan of 1960. Japan after defeat, the author argues, illustrates the critical importance of inflationary credit creation for increased production. -- Publisher's website Bibliography Includes bibliographical references and index Notes In English Print version record In Druckausg.: Metzler, Mark. Capital as will and imagination Subject Schumpeter, Joseph A., 1883-1950. SUBJECT Schumpeter, Joseph A., 1883-1950 Schumpeter, Joseph A., 1883-1950 fast Schumpeter, Joseph A. 1883-1950 gnd Subject Capital -- Japan -- History -- 20th century Capitalism -- Japan -- History -- 20th century Saving and investment -- Japan -- History -- 20th century Credit -- Japan -- History -- 20th century HISTORY -- Asia -- Japan. BUSINESS & ECONOMICS -- Economics -- General. BUSINESS & ECONOMICS -- Reference. Capital Capitalism Credit Economic history Saving and investment Wirtschaft Kapital SUBJECT Japan -- Economic conditions -- 1945-1989. http://id.loc.gov/authorities/subjects/sh90003615 Subject Japan Japan Genre/Form History Form Electronic book LC no. 2012028550 ISBN 0801467918 9780801467912

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