Capital as Will and Imagination : Schumpeter's Guide to the Postwar Japanese Miracle

Mark D. Metzler

ISBN 10: 0801451795 / ISBN 13: 9780801451799

Editore: Cornell University Press Apr 2013, 2013

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Neuware - Joseph Schumpeter is not thought of as a theorist of credit-supercharged high-speed growth, but that is what he became in postwar Japan. This new view helps also to explain Japan's bubble, and the global bubbles that have followed it.

Codice articolo 9780801451799

Dati bibliografici

• Titolo: Capital as Will and Imagination : Schumpeter's Guide to the Postwar Japanese Miracle
• Editore: Cornell University Press Apr 2013
• Data di pubblicazione: 2013
• Lingua: Inglese
• ISBN 10: 0801451795
• ISBN 13: 9780801451799
• Rilegatura: Buch
• Condizione: Neu
• Dimensioni: 241 L x 163 A x 26 P (millimetri) 241 millimetri di larghezza per 163 millimetri di altezza per 26 millimetri di profondità
• Peso: 602 grammi

Descrizione articolo

Riassunto

Joseph Schumpeter’s conceptions of entrepreneurship, innovation, and creative destruction have been hugely influential. He pioneered the study of economic development and of technological paradigm shifts and was a forerunner of the emerging field of evolutionary economics. He is not thought of as a theorist of credit-supercharged high-speed growth, but this is what he became in postwar Japan. As Mark Metzler shows in Capital as Will and Imagination, economists and planners in postwar Japan seized upon Schumpeter’s ideas and put them directly to work.

The inflationary creation of credit, as theorized by Schumpeter, was a vital but mostly unrecognized aspect of the successful stabilization of Japanese capitalism after World War II and was integral to Japan’s postwar success. It also helps to explain Japan’s bubble, and the global bubbles that have followed it. The heterodox analysis presented in Capital as Will and Imagination goes beyond the economic history of postwar Japan; it opens up a new view of the core circuits of modern capital in general.

With this book, Mark Metzler continues his investigation into the economic history of twentieth-century Japan that he began in Lever of Empire. In Capital as Will and Imagination, he focuses on the successful stabilization of Japanese capitalism after the Second World War. How did a defeated and heavily damaged nation manage reconstruction so rapidly? What economic beliefs resulted in the "miracle" years of high-speed economic growth? Metzler argues that the inflationary creation of credit was key to Japan's postwar success—and its eventual demise due to its instability over the long term.To prove his case, Metzler explores heterodox ideas about economic life, in particular Joseph Schumpeter's realization that inflation is intrinsic to capitalist development. Schumpeter's ideas, widely ignored within standard American neoclassical economic theory, were shaped by his experience of Austria's reconstruction after 1918. They were highly influential in Japan, and Metzler traces their impact in the period from the Allied Occupation, starting in 1945, through the Income Doubling Plan of 1960. Japan after defeat, Metzler argues, illustrates the critical importance of inflationary credit creation for increased production.

Informazioni sull?autore

Mark Metzler is Associate Professor of History at the University of Texas at Austin. He is the author of Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan.