Korekiyo Takahashi and Japan's Recovery from the Great Depression

Abstract

The economic policies of Japan's Finance Minister, Korekiyo Takahashi, during the Great Depression are more than a curious footnote in economic history. By 1932, Takahashi's interventionist policies had reversed Japan's economic decline. They also preceded similar measures adopted in other countries. Takahashi has even been characterized as Japan's Keynes, because of his use of deficit-financed, fiscal stimuli. He also has been blamed for his role in initiating in Japan the process of expanding military expenditures to stimulate the economy. This paper takes a second look at the Japanese economy during the early years of the Great Depression, with a particular reference to the policies of Takahashi. Two major questions addressed relate to the Keynesian origin of his ideas and the extent to which his policies contributed to the subsequent economic recovery.

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