Pub Date : 2020-02-15DOI: 10.7591/9781501746925-006
Steven J. Ericson
{"title":"4. Spending in a Time of “Retrenchment”: Industrial Policy and the Military","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-006","DOIUrl":"https://doi.org/10.7591/9781501746925-006","url":null,"abstract":"","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121761485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/cornell/9781501746918.003.0004
Steven J. Ericson
This chapter describes the outbreak of military crises on the Korean Peninsula, the worsening of the domestic depression brought on primarily by Matsukata's own currency contraction, and other exigencies which prompted him instead to increase government spending, generating fiscal deficits that he financed not by boosting tax revenues but by promoting exports and selling public bonds. In responding to these trends through a pragmatic embrace of public bond issuance and state-led export promotion, Matsukata departed significantly from classical economic liberalism. He began turning toward such positive policies as early as 1883. In that regard, the Matsukata financial reform as it unfolded combined the contractionary program of Sano with the expansionary approach of Ōkuma. This policy mix, in turn, would help shorten a sharp, deflation-induced depression that Matsukata initially expected would continue for a year or two longer.
{"title":"Austerity and Expansion","authors":"Steven J. Ericson","doi":"10.7591/cornell/9781501746918.003.0004","DOIUrl":"https://doi.org/10.7591/cornell/9781501746918.003.0004","url":null,"abstract":"This chapter describes the outbreak of military crises on the Korean Peninsula, the worsening of the domestic depression brought on primarily by Matsukata's own currency contraction, and other exigencies which prompted him instead to increase government spending, generating fiscal deficits that he financed not by boosting tax revenues but by promoting exports and selling public bonds. In responding to these trends through a pragmatic embrace of public bond issuance and state-led export promotion, Matsukata departed significantly from classical economic liberalism. He began turning toward such positive policies as early as 1883. In that regard, the Matsukata financial reform as it unfolded combined the contractionary program of Sano with the expansionary approach of Ōkuma. This policy mix, in turn, would help shorten a sharp, deflation-induced depression that Matsukata initially expected would continue for a year or two longer.","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133239344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/cornell/9781501746918.003.0007
Steven J. Ericson
This chapter discusses the Matsukata deflation and its impact on domestic agriculture and industry and on foreign trade. Regardless of whether scholars hold negative or positive views of the Matsukata reform, they have tended to overstate both the short- and long-term impact of the deflation-induced depression as well as the role of the reform itself in bringing about the “Matsukata deflation” in the first place. If Matsukata had strictly followed an orthodox program of financial stabilization, the depression would likely have been as severe as most accounts claim. But his deviations from orthodoxy—boosting government spending, promoting exports of commodities from the rural sector, and the like—helped to buffer the economy and abridge the downturn. In short, the chapter asserts that one needs to qualify the commonly held view that the Matsukata reform was “a devastating experience for millions of people.”
{"title":"“Poor Peasant, Poor Country”?","authors":"Steven J. Ericson","doi":"10.7591/cornell/9781501746918.003.0007","DOIUrl":"https://doi.org/10.7591/cornell/9781501746918.003.0007","url":null,"abstract":"This chapter discusses the Matsukata deflation and its impact on domestic agriculture and industry and on foreign trade. Regardless of whether scholars hold negative or positive views of the Matsukata reform, they have tended to overstate both the short- and long-term impact of the deflation-induced depression as well as the role of the reform itself in bringing about the “Matsukata deflation” in the first place. If Matsukata had strictly followed an orthodox program of financial stabilization, the depression would likely have been as severe as most accounts claim. But his deviations from orthodoxy—boosting government spending, promoting exports of commodities from the rural sector, and the like—helped to buffer the economy and abridge the downturn. In short, the chapter asserts that one needs to qualify the commonly held view that the Matsukata reform was “a devastating experience for millions of people.”","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122636292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-02-15DOI: 10.7591/9781501746925-002
Steven J. Ericson
{"title":"Introduction: Departures from Orthodoxy","authors":"Steven J. Ericson","doi":"10.7591/9781501746925-002","DOIUrl":"https://doi.org/10.7591/9781501746925-002","url":null,"abstract":"","PeriodicalId":375132,"journal":{"name":"Financial Stabilization in Meiji Japan","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122305958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：