The Basic Structure of Investment Finance in Post-War Japan

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  • 戦後重化学工業段階と投資金融 : 外部金融=間接金融方式の構造的規定
  • センゴ ジュウカガクコウギョウ ダンカイ ト トウシ キンユウ ガイブ キンユ

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Regarded the basic structure of investmentfinance in post-war Japan as the combination (-identity) between outside financing and indirect financing, there are three questions in that case. (1). The first question is that, unlike the normal case, coming into existence of such a relation as this has been done without mediation of the height concentration of production under the lack of the base of private accumulation. There the method of post-war transaction in the inheritance bequeathed by the war economy of 1931-45 context may be asked of us, in order to trace back to its origin. (2). The method of indirect financing become the way which concentrate an enormous money capital on the giant enterprises of the same system as banks, and make it possible for those enterprises to create the "fresh" heavy industries at a stroke. At the same time, the enterprise concerned has not something in reserve the inside reservation through the overweight burden of interest and hence is not able for the future to realize the transformation of the investment finance from outside financing to auto-financing which was so common among the big business in the advanced capitalist countries fifty years ago. This is the second question. That is to say, the matter is what pattern of monopolies were produced by such a relation as this. (3). Now, with the key-note of the process of reproduction change into surplus, the indirect financing become gradually transform from the mechanism of investmentfinance to the mechanism of public financing for the creation of effective demand, therefore, the tie between outside financing and indirect financing rarefy in proportion to the change. This transformation, which is generally regarded as a common law of history, is done without waiting for the establishment of the state monopolistic auto-financing in Japan, however. Thus, the parasitism peculiar to this situation arise in layers of the other parasitism - that is, parasitism that is characteristic of the public financing. There the conclusion of indirect financing in connection with the central government finance which expanded rapidly since the depression of 1965 may be asked of us. It is the main purpose of this paper to emboss the special character of outside financing in post-war Japan focusing attention on the first and second questions, for the present.

Journal

  • The Journal of Agrarian History

    The Journal of Agrarian History 25 (4), 1-20, 1983

    The Agrarian History Society (Renamed as The Political Economy and Economic History Society)

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