著者

中野 瑞彦 Mitsuhiko Nakano 桃山学院大学経済学部

雑誌

桃山学院大学総合研究所紀要 = ST.ANDREW'S UNIVERSITY BULLETIN OF THE RESEARCH INSTITUTE (ISSN:1346048X)

巻号頁・発行日

vol.30, no.3, pp.65-79, 2005-03-10

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In the WWI era, the Japanese economy enjoyed an abnormal boom rised by the war in Europe. Japanese exports increased by enormous scale and brought huge external receipts. Discarding the gold-standard system, the Japanese economy lost the adjusting mechanism which the goldstandard system warranted. The money supply increased and thereby the inflation hit the people's life so that there were riots for shortage of rice in the summer 1918 (Kome-Sodo). This Kome-Sodo riots fall the Terauchi Administration. And after Terauchi, Takashi Hara took office as the first party cabinet in Japan. So the cabinet was changed, but the economic policies were not changed so much. Both administrations took an expansive policies which caused severe inflation and brought an enormous bubble in 1919. The Hara Administration was under control of Hanbatsu fraction. Therefore, Hara could not and would not change the policies (for example, badget) of former administration. That caused disappointment to the party cabinet and democracy in general and paved the way to militarism. This paper dealts with the economic and political causes which lied in desicion process for economic policies in that period by reviewing the newspapers and the journals.