Chapter

Capitalist Recovery in One Country, 1932–1936

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/9780520244207.003.0013
Capitalist Recovery in One Country, 1932–1936

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This chapter describes the reaction to the failure of economic liberalism that shaped the new policies of the 1930s. Japan's new economic course was charted by Takahashi Korekiyo, now a great elder statesman, who in December 1931 returned to office as finance minister. Takahashi's pathbreaking policy of “Japanese Keynesianism” led Japan out of the Great Depression ahead of any other major country and created the financial foundations of a new kind of state-led industrial policy. Yoked to a militarist policy of expansion on the Asian continent, these economically nationalist policies also helped lead Japan “out of” the West and into a bloody contest for hegemony in East Asia.

Keywords: economic liberalism; Takahashi Korekiyo; finance minister; Japanese Keynesianism; Great Depression; East Asia

Chapter.  7258 words.  Illustrated.

Subjects: Asian History

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