Chapter

“The Contractionary Tide,” 1921–1926

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/9780520244207.003.0008
“The Contractionary Tide,” 1921–1926

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This chapter explores the “contractionary tide” that then began to run as, at Inoue Junnosuke's urging, economic policy turned toward austerity and retrenchment. At the beginning of 1920, Inoue Junnosuke and Hamaguchi Osachi warned separately of a necessary reaction after the great boom of the late 1910s. More remarkably, ten years later both men continued to see the entire intervening decade as one long drawn-out reaction. Fiscal retrenchment began with Takahashi Korekiyo's reluctant curtailment of the positive policy in 1922. The economic constraints of the time were such that even the Seiyūkai cabinet in 1927 and 1928 could move only in a limited way toward a positive financial policy.

Keywords: Inoue Junnosuke; economic policy; fiscal retrenchment; Hamaguchi Osachi; Takahashi Korekiyo

Chapter.  9025 words. 

Subjects: Asian History

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