Investing Japan demonstrates that foreign investment is a vital and misunderstood aspect of Japan’s modern economic development. The drive to become a modern industrial power from the 1860s to the 1930s necessitated the adoption and internalization of foreign knowledge. This goal could only be achieved by working within the overarching financial and technological frameworks of Western capitalism. Foreign borrowing, supported by the gold standard, was the crux of Japan’s pre-war capital formation. It simultaneously financed domestic industrial development, the conduct of war, and territorial expansion on the Asian continent. Foreign borrowing also financed the establishment of infrastructure in Japan’s largest cities, the nationalization of railways, the interlinked capital-raising programs of “special banks” and parastatal companies, and the rapid electrification of Japanese industry in the 1920s. Simon James Bytheway investigates the role played by foreign companies in the Japanese experience of modernization while highlighting their identity as key agents in the processes of industrialization and technology transfer. Investing Japan delivers a complex, multifaceted analysis, intersecting with the histories of formal and informal economic imperialism, diplomacy, war financing, domestic and international financial markets, parastatal and multinational enterprise, and Japan’s “internationalization” vis-à-vis the emerging global market.
In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center.As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England's secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world's first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.
In April 1859, at age fifty, Shinohara Chūemon left his old life behind. Chūemon, a well-off farmer in his home village, departed for the new port city of Yokohama, where he remained for the next fourteen years. There, as a merchant trading with foreigners in the aftermath of Japan’s 1853 “opening” to the West, he witnessed the collapse of the Tokugawa shogunate, the civil war that followed, and the Meiji Restoration’s reforms. The Merchant’s Tale looks through Chūemon’s eyes at the upheavals of this period. In a narrative history rich in colorful detail, Simon Partner uses the story of an ordinary merchant farmer and its Yokohama setting as a vantage point onto sweeping social transformation and its unwitting agents. Chūemon, like most newcomers to Yokohama, came in search of economic opportunity. His story sheds light on vital issues in Japan’s modern history, including the legacies of the Meiji Restoration; the East Asian treaty port system; and the importance of everyday life—food, clothing, medicine, and hygiene—for national identity. Centered on an individual, The Merchant’s Tale is also the story of a place. Created under pressure from aggressive foreign powers, Yokohama was the scene of gunboat diplomacy, a connection to global markets, the birthplace of new lifestyles, and the beachhead of Japan’s modernization. Partner’s history of a vibrant meeting place humanizes the story of Japan’s revolutionary 1860s and their profound consequences for Japanese society and culture.
The Travels and Adventures of James Massey" is a unique and satirical work of travel literature authored with the aid of Simon Tyssot de Patot, a French Huguenot writer. This book sticks out for its imaginitive storytelling and its commentary on the character of tour narratives of the early 18th century. In this fictitious journey account, de Patot creates the person James Massey, who embarks on a sequence of remarkable adventures. The narrative is supplied inside the first character, blurring the strains between truth and fiction. De Patot cleverly parodies the exaggerated and frequently sensationalized tour accounts of his generation, losing mild on the gullibility of readers and the malleable nature of reality in storytelling. "The Travels and Adventures of James Massey" is a pioneering work of satirical fiction that anticipates the literary techniques later popularized by writers like Jonathan Swift and Voltaire. It challenges the authenticity and reliability of tour narratives, supplying a clean angle on the style. De Patot's book stays a treasured piece of literature for its innovation and insightful critique of travel literature's conventions. It has been studied and favored for its impact on the development of satirical storytelling and its lasting observation at the function of fiction in shaping perceptions of distant lands and cultures.
In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center.As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England's secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world's first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.
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