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Contents
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vii List of Tables xi Acknowledgments xiii Abbreviations xv Note on Terms and Conventions xvii Introduction: Inflation and Its Productions 1 1. The Revolution in Prices 8 1.1 Faustian Capital / 1.2 World War I and the Political Economy of Twentieth-Century Inflation / 1.3 Postwar Stabilization / 1.4 The Great Inflation of the 1940s / 1.5 Exporting Inflation / 1.6 The Inflation Comes Home 2. Dramatis Personae 20 2.1 “The Schumpeter Vogue” / 2.2 At the Monetary Bonfire / 2.3 The Marxists / 2.4 The Capital Creator / 2.5 The Schumpeterians 3. What Is Capital? 36 3.1 When New Capital Comes onto the Stage / 3.2 The Distribution of Promises / 3.3 Credit Inflation the Mechanism of Capitalist Development / 3.4 Capital as Indication / 3.5 The Capitalist Process as an Ideal–Material Circuit 4. Flows and Stores 53 4.1 Energy, Capital, and Debt / 4.2 Flows of Production / 4.3 Stores of Promises / 4.4 Saving Follows from Investment / 4.5 Power and Planning 5. Japanese Capitalism under Occupation 65 5.1 Imagining Postwar Development / 5.2 First Responses: Burning, Looting, and Printing / 5.3 The Amplification of Monetary Flows / 5.4 The Constriction Contents viii CONTENTS of Material-Energetic Flows / 5.5 Liquidating Japanese Capitalism 6. Inflation as Capital 82 6.1 The Ishibashi Line / 6.2 The ESB Line: “Modified Capitalism” / 6.3 Inflation and Social Leveling / 6.4 Taxation as Monetary Regulation / 6.5 The Limits of Modified Capitalism 7. Interlude (Deflation) 109 7.1 Joseph Dodge and the Theory of Capital Restriction / 7.2 The Sphere of International Capital / 7.3 Ministers of Restriction / 7.4 “The So-Called Stabilization Panic” / 7.5 Inside Money and Outside Money / 7.6 The World Economic Crisis 8. The State-Bank Complex 137 8.1 Banking as Economic Governance / 8.2 Superdirect Finance / 8.3 The Privatization of the Positive Policy 9. The Turning Point 158 9.1 A Schumpeterian Turning Point / 9.2 Social Sources of Keynesian Stabilization / 9.3 The Second Try at Global Postwar Stabilization: Some Interim Conclusions / 9.4 Dollar Capital as Divine Providence / 9.5 “Dangerous Delusions” 10. High-Speed Growth: The Schumpeterian Boom 173 10.1 The Restoration of the Business Cycle / 10.2 “The Postwar Is Over”: The Schumpeterian Boom Begins / 10.3 Ishibashi and Ikeda: The Ascent of the Positive Policy / 10.4 The International Circuit: The External Capital Constraint 11. High-Speed Growth: Indication and Flow 188 11.1 The Domestic Circuit: Imagined Capital for Real Growth / 11.2 Monetary “Flows,” “Leakages,” and “Absorption” / 11.3 Credit Creation as Planning; Planning as Credit Creation / 11.4 The Investment Doubling Plan [54.211.203.45] Project MUSE (2024-03-28 19:48 GMT) CONTENTS ix 12. Conclusions: Credere and Debere 204 12.1 Norms and Exceptions / 12.2 Stocks of Debt and Debt-Destruction Crises / 12.3 Autodeflation / 12.4 Mirrors and Miracles Appendix 225 Notes 233 References 259 Index 287 ...