大正バブル期における経済政策の転換とその効果(I)

概要

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The public opinion expressed by newspapers and journals requested the government to take measures for the inflation. But the Hara cabinet didn't response these requests until Octover 1919. And then, the government began to curb the price hike. The Bank of Japan rose its discout rate on 6th October and the government took social policies to ease the stress of life of the urban middle class. Furthermore, it imposed an export ban on cotton threads. These measures purported to tame price increase. But they were not enough to check the speculation and the cabinet members lacked the will to do. Policians of Seiyukai didn't want to take measures to have damages to landlords who backed Seiyukai in the election. And the landlords got huge income by the price increase of silk and rice. While Hara envisaged the general election of the Lower House, he tried to hold the interests of the landlords and leave the prices go up. On the other hand, the rival party, Kensekai, could not propose substitute policies for price increase either. Kensekai feared the dissolution of the Lower House because it was not prepare for the general election. As a result, neither the government nor opposed political party took the effective measures to the Taisho Bubble.
2009-03-10