The Journal of Japanese Studies

 

Abstract

MARK METZLER
American Pressure for Financial Internationalization in
Japan on the Eve of the Great Depression

The Hamaguchi cabinetís restoration of the gold standard in January 1930 meant Japanís coming into conformity, after many delays, with the monetary ďglobal standardĒ of the day; this liberal achievement turned into one of the worst economic policy disasters in Japanís modern history.  American gaiatsu emanating from Wall Streetís J. P. Morgan and Co. was central to this decision.  A close look at this interaction reveals Japanís financial embeddedness in the newly American-centered international economic order of the 1920s.  The collapse of that order formed the context of the subsequent nationalist reaction.

Volume 28, Number 2 (Summer 2002)
© 2002 Society for Japanese Studies


 

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