Money Doctor's Sem: Masato Shizume "Takahashi Korekiyo, the Money Doctor in Japan during the Great Depression"

  • Date: –17:00
  • Location: via Zoom
  • Lecturer: Masato Shizume (Waseda University Tokyo)
  • Organiser: Department of Economic History / UCBH
  • Contact person: Anders Ögren
  • Seminarium

Money Doctor's Financial Stability (Online) Seminars

Takahashi Korekiyo (1854-1936), a veteran finance minister in Japan, conducted a quintessential Keynesian macroeconomic stimulus package combining a massive currency depreciation, fiscal stimulus and monetary easing, to lift Japanese economy during the Great Depression in the 1930s. He conducted such a policy package until his assassination in 1936, even before the Keynes’ General Theory. Later economists and economic historians call him “the Keynesian before Keynes.” Thanks to him, Japan escaped from the deflationary spiral and achieved a rigorous economic recovery well ahead of other major countries. I will explore the origins of Takahashi’s policies with reference to his career and personal networks in a global context both in time and space. I will begin with the development of his career, which informed his perception of society and the economy. Then, I will review his accomplishments as finance minister from his first appointment in 1913 through 1936, when he was assassinated. Finally, I will summarize his thoughts in relation to his earlier career and experience.