<TitleType>01</TitleType> <TitleText>Cornell Studies in Money</TitleText>

Cornell University Press cornell@onixsuite.com 20130520 eng

COM.ONIXSUITE.9780801451799 03 01 Cornell University Press 01 GCOI 80140100193410 02 0801451795 03 9780801451799 15 9780801451799 59 BB <TitleType>01</TitleType> <TitleText>Cornell Studies in Money</TitleText> <TitleType>01</TitleType> <TitleText textcase="02">Capital as Will and Imagination</TitleText> <Subtitle textcase="02">Schumpeter's Guide to the Postwar Japanese Miracle</Subtitle> 1 A01 Metzler, Mark Mark Metzler Mark Metzler is Associate Professor of History at the University of Texas at Austin. He is the author of Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan. 01 eng 02 eng 312 00 312 03 HIS021000 KCZ 10 BUS023000 10 POL024000 24 Internet Business, Economics, and Finance 24 Internet History / Asia 24 Internet Political Science / Economic and Monetary Policy 01 01 01 With this book, Mark Metzler continues his investigation into the economic history of twentieth-century Japan that he began in Lever of Empire. In Capital as Will and Imagination, 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? Metzler 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, Metzler 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 Metzler traces their impact in the period from the Allied Occupation, starting in 1945, through the Income Doubling Plan of 1960. Japan after defeat, Metzler argues, illustrates the critical importance of inflationary credit creation for increased production. 04 Introduction: Inflation and Its ProductionsChapter 1. The Revolution in Prices 1.1 Faustian Capital / 1.2 World War I and the Political Economy of Twentieth-Century Inflation / 1.3 Postwar Stabilization / 1.4 The Great Inflation of the 1940s / 1.5 Exporting Inflation / 1.6 The Inflation Comes HomeChapter 2. Dramatis Personae 2.1 "The Schumpeter Vogue" / 2.2 At the Monetary Bonfire / 2.3 The Marxists / 2.4 The Capital Creator / 2.5 The SchumpeteriansChapter 3. What Is Capital? 3.1 When New Capital Comes onto the Stage / 3.2 The Distribution of Promises / 3.3 Credit Inflation the Mechanism of Capitalist Development / 3.4 Capital as Indication / 3.5 The Capitalist Process as an Ideal–Material CircuitChapter 4. Flows and Stores 4.1 Energy, Capital, and Debt / 4.2 Flows of Production / 4.3 Stores of Promises / 4.4 Saving Follows from Investment / 4.5 Power and PlanningChapter 5. Japanese Capitalism under Occupation 5.1 Imagining Postwar Development / 5.2 First Responses: Burning, Looting, and Printing / 5.3 The Amplification of Monetary Flows / 5.4 The Constriction of Material-Energetic Flows / 5.5 Liquidating Japanese CapitalismChapter 6. Inflation as Capital 6.1 The Ishibashi Line / 6.2 The ESB Line: "Modified Capitalism" / 6.3 Inflation and Social Leveling / 6.4 Taxation as Monetary Regulation / 6.5 The Limits of Modified CapitalismChapter 7. Interlude (Deflation) 7.1 Joseph Dodge and the Theory of Capital Restriction / 7.2 The Sphere of International Capital / 7.3 Ministers of Restriction / 7.4 “The So-Called Stabilization Panic” / 7.5 Inside Money and Outside Money / 7.6 The World Economic CrisisChapter 8. The State-Bank Complex 8.1 Banking as Economic Governance / 8.2 Superdirect Finance / 8.3 The Privatization of the Positive PolicyChapter 9. The Turning Point 9.1 A Schumpeterian Turning Point / 9.2 Social Sources of Keynesian Stabilization / 9.3 The Second Try at Global Postwar Stabilization: Some Interim Conclusions / 9.4 Dollar Capital as Divine Providence / 9.5 “Dangerous Delusions”Chapter 10. High-Speed Growth: The Schumpeterian Boom 10.1 The Restoration of the Business Cycle / 10.2 “The Postwar Is Over”: The Schumpeterian Boom Begins / 10.3 Ishibashi and Ikeda: The Ascent of the Positive Policy / 10.4 The International Circuit: The External Capital ConstraintChapter 11. High-Speed Growth: Indication and Flow 11.1 The Domestic Circuit: Imagined Capital for Real Growth / 11.2 Monetary “Flows,” “Leakages,” and “Absorption” / 11.3 Credit Creation as Planning; Planning as Credit Creation / 11.4 The Investment Doubling PlanChapter 12. Conclusions: Credere and Debere 12.1 Norms and Exceptions / 12.2 Stocks of Debt and Debt-Destruction Crises / 12.3 Autodeflation / 12.4 Mirrors and MiraclesAppendix Table A-1. Basic indicators of money and credit, 1868–1965 Table A-2. Credit creation and industrial investment, 1940–1965 Table A-3. Prices and wages, 1936–1965 Table A-4. Indicators of manufacturing production, 1936–1965Notes References Index 08 "Mark Metzler has written a brilliant book on the economic intellectual underpinnings of Japan's postwar economic recovery and subsequent high-speed economic growth. His approach and conclusions are both powerful and unique. Metzler argues that the European economist who had the greatest impact on Japanese planners after World War II was Joseph Schumpeter, who argued that finance capital is a way to direct the factors of production to new uses. In Capital as Will and Imagination, Metzler uses Schumpeter’s ideas and Japan’s experience as paradigms to look at the rise and development of modern capitalism in general. Building on his earlier book on Japan and the gold standard, Metzler has made himself the primary Western historian of Japanese capitalism in an international context."—Richard Smethurst, UCIS Research Professor of History at the University of Pittsburgh, author of A Social Basis for Prewar Japanese Militarism: The Army and the Rural Community 08 "In this meticulously researched book, the author makes two provocative claims that are apt to start a debate: that Japan's quick growth after World War II was the result of inflation; and that Joseph Schumpeter advocated a mixture of entrepreneurship and inflation as the most effective way to create economic growth. The combination of solid scholarship with bold theorizing makes Capital as Will and Imagination into a very welcome addition to the current debate, not only of the economic history of Japan but also of the nature of economic growth and its causes."—Richard Swedberg, Cornell University, author of Joseph A. 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