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This volume concentrates on the effect of Japanese trade competition on the UK and Europe, it also provides an illuminating picture of political, social and military conditions in Japan in the early twentieth century. 1. The Danger Signal 2. The Products of the Two Japans 3.Visiting Japanese Workers 4. The Structure of Japanese Industry 5. Why Japan Succeeds 6. Is it the Yen? 7. Politics and Economics 8. Mitsui and Others 9. The Struggle for Supplies 10. The Fight for Markets 11. History Made in Japan

Experts on the Japanese economy examine Japan's prolonged period of economic underperformance, analyzing the ways in which the financial system, monetary policy, and international financial factors contributed to its onset and duration. After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged abruptly into recession in the early 1990s and since then has suffered a prolonged period of economic stagnation, from which it is only now emerging. Japan's malaise, marked by recession or weak economic activity, commodity and asset price deflation, banking failures, increased bankruptcies, and rising unemployment, has been the most sustained economic downturn seen in the industrial world since the 1930s. In Japan's Great Stagnation, experts on the Japanese economy consider key questions about the causes and effects of Japan's prolonged period of economic underperformance and what other advanced economies might learn from Japan's experience. They focus on aspects of the financial and banking system that have contributed to economic stagnation, the role of monetary policy, and the importance of international financial factors—in particular, the exchange rate and the balance of payments. Among the topics discussed are bank fragility and the inaccuracy of measuring it by the \"Japan premium,\" the consequences of weak banking regulation, the controversial policy of \"quantitative easing,\" and the effectiveness of currency devaluation for fighting deflation. Taken together, the contributions demonstrate the importance of a sound financial sector in fostering robust growth and healthy economies—and the enormous economic costs of a dysfunctional financial system. Contributors Yoichi Arai, Robert Dekle, Zekeriya Eser, Eiji Fujii, Kimie Harada, Takeo Hoshi, Michael M. Hutchison, Takatoshi Ito, Ken Kletzer, Nikolas Müller-Plantenberg, Kunio Okina, Joe Peek, Eric S. Rosengren, Shigenori Shiratsuka, Mark M. Spiegel, Frank Westermann, Nobuyoshi Yamori

Following the opening of Japan's ports in 1859, Nagasaki rapidly became one of Japan's leading industrial centres, which included shipbuilding. It has been largely overshadowed by interest in the Meiji settlements of Kobe and Yokohama. Fully illustrated, the value of the work is reinforced by additional key data to be found in the appendices.

Experts on the Japanese economy examine Japan's prolonged period of economic underperformance, analyzing the ways in which the financial system, monetary policy, and international financial factors contributed to its onset and duration.

This volume of essays explores the history of the US tax mission to Japan during the occupation following World War II. Under General MacArthur, economist Carl S. Shoup led the mission with the charge of framing a tax system for Japan designed to strengthen democracy and accelerate economic recovery. The volume examines the sources, conduct and effects of the mission and situates the mission within the history of international financial and fiscal reform. The book begins by establishing the context of progressive social investigations of taxation, including Shoup's earlier tax missions to France and Cuba. It then goes on to explore the Japanese background to the Shoup mission and the process by which American and Japanese tax experts shaped their recommendations. The book then assesses and explains the mission's accomplishments in the context of the political economies of the United States and Japan. It concludes by analyzing the global implications of the mission, which became iconic among international tax reformers.

With this book, Mark Metzler continues his investigation into the economic history of twentieth-century Japan that he began inLever of Empire. InCapital 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.

The roots of Japan's aggressive, expansionist foreign policy have often been traced to its concern over acute economic vulnerability. Michael A. Barnhart tests this assumption by examining the events leading up to World War II in the context of Japan's quest for economic security, drawing on a wide array of Japanese and American sources. Barnhart focuses on the critical years from 1938 to 1941 as he investigates the development of Japan's drive for national economic self-sufficiency and independence and the way in which this drive shaped its internal and external policies. He also explores American economic pressure on Tokyo and assesses its impact on Japan's foreign policy and domestic economy. He concludes that Japan's internal political dynamics, especially the bitter rivalry between its army and navy, played a far greater role in propelling the nation into war with the United States than did its economic condition or even pressure from Washington. Japan Prepares for Total War sheds new light on prewar Japan and confirms the opinions of those in Washington who advocated economic pressure against Japan.

After World War II, Japan reinvented itself as a shipbuilding powerhouse and began its rapid ascent in the global economy. Its expansion strategy integrated raw material procurement, the redesign of global transportation infrastructure, and domestic industrialization. In this authoritative and engaging study, Stephen G. Bunker and Paul S. Ciccantell identify the key factors in Japan's economic growth and the effects this growth had on the reorganization of significant sectors of the global economy. Bunker and Ciccantell discuss what drove Japan's economic expansion, how Japan globalized the work economy to support it, and why this spectacular growth came to a dramatic halt in the 1990s. Drawing on studies of ore mining, steel making, corporate sector reorganization, and port/rail development, they provide valuable insight into technical processes as well as specific patterns of corporate investment. East Asia and the Global Economy introduces a theory of \"new historical materialism\" that explains the success of Japan and other world industrial powers. Here, the authors assert that the pattern of Japan's ascent is essential for understanding China's recent path of economic growth and dominance and anticipating what the future may hold.

\"The book gathers the personal reflections about what the author learned about central bank and monetary policy during the tumultuous five years (2008-2013) during which he served as governor of the Bank of Japan. Many books have been written about the global financial crisis by academics and influential policymakers, including central bank governors. This book focuses on the experience of the Japanese, which is deeply important. The issues covered range from the financial bubble, the financial crisis, deflation, the rapid aging of the population, and the experiences of Japan on the frontier of unconventional monetary policy (QE and forward guidance). But just focusing on analytics of monetary policy is too narrow. Various activities of the central bank-financial supervision, payment and settlement services, and crisis management in the event of severe natural disaster, such as the earthquake hitting Japan in 2011-are covered. The political economy aspect and governance issue of central banks-the role of unelected officials in a democratic society-are also intensively discussed.\"

Do external imbalances increase the risk of financial crises? This paper studies the experience of 14 developed countries over 140 years (1870-2008). It exploits the long-run data set in a number of different ways. First, the paper applies new statistical tools to describe the temporal and spatial patterns of crises and identifies five episodes of global financial instability in the past 140 years. Second, it studies the macroeconomic dynamics before crises and shows that credit growth tends to be elevated and short-term interest rates depressed relative to the \"natural rate\" in the run-up to global financial crises. Third, the paper shows that recessions associated with crises lead to deeper slumps and stronger turnarounds in imbalances than during normal recessions. Finally, the paper asks to what extent external imbalances help predict financial crises. The overall result is that credit growth emerges as the single best predictor of financial instability. External imbalances have played an additional role, but more so in the pre-WWII era of low financialization than today.