戦間期日本経済の「失われた十年」(II)(庄谷邦幸教授退任記念号)

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The Taisho era was short compared to the Meiji and Showa era. Many Japanese, therefore, have no impression to that period. But in those days the Japanese society had experienced huge changes. The First World War, the second industrial revolution, rapid urbanization, modernization of lifestyle etc., all happened in the Taisho era. And in the political life, we had the first party cabinet in Japan. The prime minister Takashi Hara was the president of Seyukai, a political party, and had a seat in the Lower House. Except for military ministers, all of the ministers came from Seyukai. The Japanese had a democratic administration for the first time. But the democratic government had a negative impact on the Japanese economy. Because congressmen want to re-elect in democracy, they prefer to inflation rather than deflation. So Hara administration took expansion policies after the end of WWI. So the Japanese economy experienced an extraordinary bubble until March 1920. Then the bubble was burst. Many companies and banks went bankrupt. The Bank of Japan (BOJ) poured huge money into markets and industries. And Hara administration took more expansive fiscal polices. In particular, Hara was eager to build up a network of railroads which were to connect every local area. This railroad policy was a product of his pork-barrel politics. But the Japanese economy couldn't manage to get out the depression in spite of these economic policies. Rather, they brought a fatal by-product, that is, bad loans in the financial sector.

著者

望月和彦
桃山学院大学経済学部

戦間期日本経済の「失われた十年」(II)(庄谷邦幸教授退任記念号)

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