Money and Hegemony
This chapter surveys Japan's reintegration into the Western world order. After Inoue Junnosuke's failure, American-style liberal economics did not return to Japan for eighteen years. When it did, with the orthodox “Dodge line” stabilization program of 1949-50, monetary stabilization was directly implemented by American bankers but now serving as officials of the United States government and practicing a public proconsulship, not a private diplomacy. Seen from without, the new Japan was recemented into a reconstructed liberal international economic order by 1952, and the yen was relinked to a new kind of international gold standard, the U.S. dollar standard. At the same time, however, the international and domestic realms of money were successfully delinked, and within Japan, the “positive” nationalist economics that had taken shape in response to the failure of liberalism in 1931 were about to reveal a new potential for high-speed growth.
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