Chapter

Prologue

Mark Metzler

in Lever of Empire

Published by University of California Press

Published in print March 2006 | ISBN: 9780520244207
Published online March 2012 | e-ISBN: 9780520931794 | DOI: http://dx.doi.org/10.1525/california/9780520244207.003.0001
Prologue

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The road that led to the crisis of 1931 began in the late 1890s, when Japan's Asian empire, gold standard, and foreign borrowing got underway simultaneously. These three historical processes were linked from beginning to end. The odd thing was that the linkages were forged on the other side of the world, in the city of London. Japan adopted the gold standard in 1897. In the context of Japan's new international position as of 1898, this chapter introduces the main protagonists: Takahashi Korekiyo, who was then opening up the channels of Western capital into Japan, and Inoue Junnosuke, who was then beginning his career in international finance. In the years after World War I, these colleagues in high finance would come to typify the opposing “positive” and “negative” lines in Japanese economic policy.

Keywords: London; Japan; gold standard; Takahashi Korekiyo; Inoue Junnosuke; international finance; economic policy

Chapter.  5003 words. 

Subjects: Asian History

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