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Japan and World Depression: Then and Now by Ronald Philip Dore, Radha Sinha, Mari Sako

By Ronald Philip Dore, Radha Sinha, Mari Sako

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Sample text

5 Penrose almost gives him, or rather the Minseito government, credit for its merits, but concludes by 'spitting on Inoue's grave', a fate worse than I think he deserves. 32 Two World Economic Depressions 33 'ECONOMIC MIRACLE' POSTPONED? What was this shadowy 'economic miracle' that never came off? Wherein did it resemble the later one which did, and wherein were the two quite different? 6 But let us try, aided both by what Japan did and what her foreign advisers were advising her to do, as of the period we are discussing.

Some of these men were academics and some civil servants; some later became known as anti-Keynesians, including my own teacher Jacob Viner. Davis's study could, I presume, have been replicated in Britain and in many countries of continental Europe. In Japan, Inoue's successor as finance minister, Takahashi Korekiyo, 16 was certainly a case in point. ) The military part of the expenditure increase fitted singularly well with the Manchurian expansion, and its multiplier effects seem to have stimulated the domestic economy as well.

Attempts to reduce service employment and boost employment in manufacturing - endorsed at times by both of the main parties in Britain - encounter the trend shift Depression and Protection 21 towards the services and could lead in the event, and contrary to the initial objectives of some of those concerned, to the engendering of support for protection for employment in manufacturing. MOVEMENT OF COSTS AND PRICES, AND DEMAND MANAGEMENT POLICIES We have yet to mention what is perhaps the most important difference between the Great Depression and that of the late seventies and early eighties.

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