Capital as Will and Imagination: Schumpeter’s Guide to the Postwar Japanese Miracle

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CAPITAL AS WILL AND IMAGINATION A volume in the series Cornell Studies in Money edited by Eric Helleiner and Jonathan Kirshner A list of titles in this series is available at www.cornellpress.cornell.edu. CAPITAL AS WILL AND IMAGINATION Schumpeter’s Guide to the Postwar Japanese Miracle Mark Metzler CORNELL UNIVERSITY PRESS ITHACA AND LONDON Copyright © 2013 by Cornell University All rights reserved. Except for brief quotations in a review, this book, or parts thereof, must not be reproduced in any form without permission in writing from the publisher. For information, address Cornell University Press, Sage House, 512 East State Street, Ithaca, New York 14850. First published 2013 by Cornell University Press Printed in the United States of America Library of Congress Cataloging-in-Publication Data Metzler, Mark, 1957– Capital as will and imagination : Schumpeter’s guide to the postwar Japanese miracle / Mark Metzler. p. cm. — (Cornell studies in money) Includes bibliographical references and index. ISBN 978-0-8014-5179-9 (cloth : alk. paper) 1. Capital—Japan—History—20th century. 2. Capitalism—Japan—History— 20th century. 3. Saving and investment—Japan—History—20th century. 4. Credit—Japan—History—20th century. 5. Japan—Economic conditions— 1945–1989. 6. Schumpeter, Joseph Alois, 1883–1950. I. Title. II. Series: Cornell studies in money. HC465.C3M48 2013 330.952'04—dc23 2012028550 Cornell University Press strives to use environmentally responsible suppliers and materials to the fullest extent possible in the publishing of its books. Such materials include vegetable-based, low-VOC inks and acid-free papers that are recycled, totally chlorine-free, or partly composed of nonwood fibers. For further information, visit our website at www.cornellpress.cornell.edu. Cloth printing 10 9 8 7 6 5 4 3 2 1 To Robert Eldredge Metzler, engineer and entrepreneur, and to John Luke Metzler, again: Der spiegelt ab das menschliche Bestreben; Am farbigen Abglanz haben wir das Leben. ...