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Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan

von Mark Metzler

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This book, the first full account of Japan's financial history and the Japanese gold standard in the pivotal years before World War II, provides a new perspective on the global political dynamics of the era by placing Japan, rather than Europe, at the center of the story. Focusing on the fall of liberalism in Japan in late 1931 and the global politics of money that were at the center of the crisis, Mark Metzler asks why successive Japanese governments from 1920 to 1931 carried out policies that deliberately induced deflation and depression. His search for answers stretches from Edo to London to the ragged borderlands of the Japanese empire and from the eighteenth century to the 1950's, integrating political and monetary analysis to shed light on the complex dynamics of money, empire, and global hegemony. His detailed and broad ranging account illuminates a range of issues including Japan's involvement in the economic dynamics that shook interwar Europe, the character of U.S. isolationism, and the rise of fascism as an international phenomenon.… (mehr)
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Cavaliers and Conservatives: Economic Liberalism and Keynesianism in Antebellum Japan
“Monetary questions were central to the inner operations of political and economic power and were intertwined with virtually all of the greatest questions of Japan’s external relations,” writes Mark Metzler, a history professor in University of Texas, Austin, in his book Lever of Empire. A commendable effort to present a comprehensive history of Japan’s experience with the classical and interwar gold standards, Metzler’s study, part of the University of California Press’s series on “Twentieth Century Japan: The Emergence of a World Power”, makes extensive use of Japanese and US archival material to explore not only Japan’s focal place in the global dynamics of monetary economics but also the interplay of liberal-capitalist politics, proto-Keynesianism, and authoritarian nationalism in shaping Japanese economic history. Metzler’s informative and engaging narrative on Japan’s antebellum economic policy and financial diplomacy should prove to be accessible to both specialists and general readers alike. ( )
  melvinsico | Apr 28, 2008 |
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This book, the first full account of Japan's financial history and the Japanese gold standard in the pivotal years before World War II, provides a new perspective on the global political dynamics of the era by placing Japan, rather than Europe, at the center of the story. Focusing on the fall of liberalism in Japan in late 1931 and the global politics of money that were at the center of the crisis, Mark Metzler asks why successive Japanese governments from 1920 to 1931 carried out policies that deliberately induced deflation and depression. His search for answers stretches from Edo to London to the ragged borderlands of the Japanese empire and from the eighteenth century to the 1950's, integrating political and monetary analysis to shed light on the complex dynamics of money, empire, and global hegemony. His detailed and broad ranging account illuminates a range of issues including Japan's involvement in the economic dynamics that shook interwar Europe, the character of U.S. isolationism, and the rise of fascism as an international phenomenon.

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332.4Social sciences Economics Finance Money

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