Chapter

The Great Divide, 1918–1921

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/9780520244207.003.0007
The Great Divide, 1918–1921

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This chapter describes the culmination of the pro-spending, pro-inflationary “positive” policy in 1919, when Takahashi Korekiyo was minister of finance and Inoue Junnosuke was governor of the Bank of Japan. It considers the break point between boom and bust which came in 1920, and the great divide represented by that year. This was the beginning of Japan's interwar depression. It was a reaction, Inoue had said three years earlier, that was bound to come.

Keywords: pro-inflationary policy; Takahashi Korekiyo; Inoue Junnosuke; Bank of Japan; interwar depression

Chapter.  10264 words.  Illustrated.

Subjects: Asian History

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