著者

是永 純弘

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.8, no.3, pp.35-44, 1966-04-20 (Released:2017-09-30)

著者

矢吹 満男

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.19, no.1, pp.1-24, 1976-10-20 (Released:2017-10-30)

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Lenin's theoretical activities may be conveniently subdivided into the three periods as follows : 1893-1914, 1914-1917, 1917-1924. The epochal works of the first period are "The Development of Capitalism in Russia", "The Agrarian Program of Social Democrats in the First Russian Revolution of 1905-1907", and the basic subject for debate there is above all the special agrarian question in Russia which does't still complete the process of cleaning out the mediaeval forms of land ownership. In the second peroid Lenin is absorbed in the study on Imperialism which was begun simultaneously with the outbreak of the First World War. From the standpoint of elucidating Lenin's definition of "military and feudal imperialism", this article endeavours to make clear the theoretical connection between the first and the second period, in other words, the theory of "two paths" of the development of capitalism in the agriculture and the theory of Imperialism. Therefore, this article is divided into three parts. The first part makes clear the historical premise of military and feudal imperialism, taking the focus to the Stolypin policy, which was the answer of the tsarist regime to the events of 1905, and the theory of "two paths". In consequence of the failure of this policy, which aimed at the transition to bourgeois monarchy, tsarist Russia rushed headlong into the First World War, without completing the tasks of the bourgeois-democratic revolution. In the second part we place such tsarist Russia in the imperialistic connection of world, and endeavour to make clear the concept of military and feudal imperialism. In the third part, we explain the significance of the change of Lenin's views in his famous April Theses, in connection with transition from monopoly capitalism to state monopoly capitalism.

著者

古川 哲

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.11, no.2, pp.1-24, 1969-01-20 (Released:2017-10-30)

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This treatise is intended to assess the present dollar crisis in connection with the general crisis of capitalism and, at the same time, to analyze various characteristic features of the form of movement of new contradictions that changes in the form of the economic crisis has brought about since the Second World War. In the introductory chapter, it is argued that at the stage of free-competition capitalism of the 19th century, the world market crises fully played the function of uniformly resolving contradictions that accompanied the development of capitalism and thereby restoring the lost equilibrium. Following the establishment of monopoly capitalism, however, it is stated, the mechanism of resolving, automatically and within the framework of economy itself, the contradictions of capitalism as it developed, was lost with the result that different types of business cycles emerged, the development of economy became uneven from country to country, changes in the pattern of the crisis and the cycle appeared, and, on top of all this, the political crisis-the world war, in particular-was now inevitable. This is a manifestation of the fact that capitalism has gone through the stage of its development and entered the stage of its extinction or the stage of a crisis engulfing its entire system. The first chapter is devoted to an analysis of fundamental contradictions of the present international monetary system (International Monetary Fund system). This system is, it is argued, a reserve system of dollar exchange as inconvertible paper money, erected on the basis of control for gold price. It is clarified, then, that this unprecedented system has the following new contradictions : (1) The demand for the adjustment of exchange rates between various countries is unavoidably raised "periodically" and "in explosive forms." (2) The preference for gold or the goods purchasing hysteria has to grow strong as if it were a "law" or a "trend." And it must be stated that the IMF system is created as the highest, final form of intervention in economy and of management of currencies under global rule by imperialism and, consequently, that the system's crisis and disintegrating process will lead to a change in the mechanism of postwar development of capitalism and bring about a further deepening of the general crisis of the capitalist system. The third and fourth chapters are designed to analyze the differences between the movement of postwar world capitalism and that of prewar world capitalism in fuller details. Particularly, they are intended to show that the high-rate growth of world economy was sustained by the system of cold-war confrontation and the system of cold-war scattering of dollars but that such a mechanism has now reached the limit. While the prosperity following the First World War was a creation by excess capital in dollars that flowed out of the U.S. and via Europe back to the U.S. again. The development of economy following the Second World War was possible on the basis of cold-war scattering of dollars that flowed out of the U.S., but never to return. It was a peculiar development stemming from the cold-war, the world-wide control of economy and the "unity of terror" among the advanced countries. In other words, it has formed a political and economic crisiscycle the system's disintegrating process, starting with the Korean War and ending with the Vietnam War. Besides, the continuous inflation of postwar economy, accompanied as it is by a high-rate growth, has been daily undermining the holiness of private property while realizing full employment. This, in turn, demolishes the system of values and the principles of morality and order, on which capitalism rests, and thus creates conditions under which the masses of people indict State power day by day. If the social revolution could be argued as a world-crisis(View PDF for the rest of the abstract.)

著者

ブートリッシュ ロベール 赤羽 裕

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.9, no.4, pp.68-76, 1967-07-20 (Released:2017-09-30)

著者

大門 正克 柳沢 遊

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.38, no.3, pp.28-47, 1996-04-20 (Released:2017-12-30)

被引用文献数

1

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This paper aims to clarify the man-power mobilization scheme implemented in the war-time (1937-45) to transfer labour from non-military section to the army and munitions industry section, particularly focusing at its impact on the two main sources of extracted labour, namely rural peasant and urban trading population. With the escalation of the war since 1937, recognizing the importance of increasing food production, the government officially excluded peasant families from the mobilization program in 1941. However, the extraction from peasants did not completely stop but in fact continued in the form of requisition and conscription. The peasant families from which adult males were extracted had to cope with this difficulty by increasing the role of female members in the farm management and operations. The impact on urban traders was greater. In 1941, for the purpose of reorganizing the goods-circulation system (Sangyo-Saihensei) and mobilizing labour force into munitions industries, the government started a policy to convert retail merchants to factory workers. While in the earlier stage merchants managed to fill such demand for labour by inducing their shopboys to switch jobs to factory workers, in the later period shop owners themselves had to temporarily serve in factories as voluntary workers (Kinro-Hokokutai). Though they tried to survive their own business by making full use of their family labour, the majority were obliged to close down their shops when the 'Drastic Mobilization Scheme' was set in force in summer 1943. The war-time labour mobilization considerably weakened such abilities of families and family business as to support and educate family members and to succeed and maintain traditional skills. This implies that these roles having been played by families were to be substituted either by government's social welfare activities or by welfare facilities provided by big companies. Thus, the war-time labour mobilization, while relying upon the families and family business as their main sources of man power, caused a considerable change in the function of families.

著者

森元 辰昭

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.21, no.2, pp.22-38, 1979-01-20 (Released:2017-11-30)

著者

井川 克彦

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.42, no.1, pp.62-63, 1999-10-20 (Released:2017-12-30)

著者

宇佐美 繁

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.17, no.2, pp.72-75, 1975-01-20 (Released:2017-10-30)

著者

村上 勝彦

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.16, no.1, pp.43-56, 1973

著者

金子 文夫

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.19, no.2, pp.28-52, 1977

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This article attempts to analyze monetary expansion of Japanese imperialism into Manchuria in the period from the Russo-Japanese War up to the First World War. After the Russo-Japanese War, Japanese imperialism began to invade Manchuria, but was unable to maintain its military presence there because of the check by British and American imperialism and Chinese nationalism, and thus chose instead to proceed with economic invasion. The two most important vehicles for this program were the South Manchuria Railway Company, which controlled railway traffic, and the Yokohama Specie Bank, which was in charge of monetary system. This paper aims to clarify the role played by the Yokohama Specie Bank. The bank with many offices in Manchuria was assigned the role of the central bank in the colony-i.e., the role to unify the money system of Manchuria as an integral part of the Japanese money system. The Specie Bank virtually controlled financing for trade of Japanese cotton fabric and Manchurian soy-bean, which were the two major trade items. But due to the complex distribution system within Manchuria, it fell short of penetrating deep into village communities. As for the supply of public loans for the sake of control over public finance of Manchuria-another important means of colonial administration--the Specie Bank, and for that matter Japanese imperialism, was unable to accomplish much due to the lack of capital fund at its disposal. Besides these, there were two additional factors that decisively prevented the Bank from accomplishing its desired money policy. First, on the Japanese side, there was a conflict between the South Manchuria Railway and the Specie Bank over the choice between the gold and the silver standards. The South Manchuria Railway, as an importer of capital fund from the European money market which was on the gold standard, preferred the gold to the silver standard. Japanese traders were also in favor of the gold standard as they wanted to avoid losses caused by fluctuations of the exchange rate between gold and silver. The Specie Bank, on the other hand, found the silver standard more convenient for its planned penetration into the Manchurian silver money market. The second factor was the establishment of a new bank system in Manchuria-e.g., the Mukden Provincial Bank-which issued silver bank notes and obstructed Japan's monetary expansion. After all, Japanese traders preferred gold standard-bank notes issued by the Bank of Japan, whereas Chinese traders used silver standard bank notes issued by provincial banks, with the result that the Yokohama Specie Bank's silver bank notes failed to hold sway over the Manchurian economy as they were expected. Japan was far from successful in unifying the Manchurian money system. It added new kinds of currency to the pre-existing system, only to throw it into a greater confusion.

著者

千田 稔

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.29, no.4, pp.40-59, 1987-07-20 (Released:2017-11-30)

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The purpose of this study is to make clear what characteristics Marquis Hosokawa had before World War II, from the point of each stage of capitalistic development, in order to encourage the study of peerage capital which has been so far almost neglected. The historical documents used in this paper consist of the materials concerning both human affairs and family budgets of the Hosokawas. The conclusions of this study are as follows. 1. Marquis Hosokawa grew to be a big land owner of 1000 cho (about 1000 ha) in Kumamoto in the thirties of Meiji era and of 2000 cho in Korea, but the amount of farm-rent was smaller than the amount of stock dividends or almost equal to it. 2. Under the direction of Keigo Kiyoura, counselor of the Hosokawas, and Nagaaki Takahashi, semi-servant of the Hosokawas, Marquis Hosokawa tried to contribute the colonization of Korea and made Kumamoto the base of capital accumulation by the help of Zaibatu Yasuda mainly through the field of the banking and the electric power industry. And it became a man of property amounting to ten million yen in the Taisho period. 3. Though Marquis Hosokawa had priority to the national position of peerage as the guard of the Emperor, thus it obtained farm-rent as the main revenue by becoming a big land owner in Kumamoto and Korea, and established the base of capitalistic accumulation in Kumamoto, which brought the Hosokawas somewhat social influence over Kumamoto at least. We can point it out that Marquis Hosokawa was one of the typical existences standing for almost main features peculiar to prewar Japan.

著者

内藤 隆夫

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.40, no.2, pp.32-48, 1998-01-20 (Released:2017-12-30)

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The purpose of this paper is to show the process of forming capitalistic order of production in Japanese oil industry, by researching the process of formation and development of the Nippon Oil Company. Then, this paper shows how Japanese company became to compete with the foreign company in the oil market, where the latter was strong. The past research overemphasized the one department of the industry, for example, mining or transporting. But I think that to solve the problem I presented in the beginning, it is necessary to prove the overall process of the oil industry, that is, mining, refining, transporting, and bargening. This paper observes the Nippon Oil Company to understand this overall process. The Nippon Oil Company, which gathered men of property, succeeded in mining by means of machine. And therefore, it was necessary to improve the refining department in quantity and quality in the middle of 1890s. In the late of 1890s, the transportation system was constructed, and the oil products produced in Niigata prefecture began to enter into the Tokyo market. But the rising and falling of the price of the oil products from 1899 to 1900 cleared the inferior products produced by the small-sized refining makers. By this process, the products produced by the Nippon Oil company, which improved the refining department and the bargening department, standed out in the domestic products. Then, the Nippon Oil Company established its own trademark Bat-Mark in the Tokyo market. This situation shows that the domestic products gained the competitive ability in the market. The conclusion is that the modern oil industry in Japan, that is, the capitalistic order of production in Japanese oil industry, was formed by the formation of overall production process in the Nippon Oil Company.

著者

木村 健二

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.26, no.1, pp.18-35, 1983-10-20 (Released:2017-11-30)

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As to the colonization in Korea by Japan from 1875 to 1910, it has been often pointed out that, under National Capital protection, Seisho-Zaibatsu had gone into the business of financial, shipping, railway and mining, and in connection with Japanese Industrialization, a system of the exchange of cotton goods for rice had been built. In opposition to this, a number of Japanese people in Korea, chiefly consisted of medium and smaller merchants has been neglected in spite of the importance. This paper aims to make clear the socio-economic background of Japanese expansionism into Korea, in the case of old Marifu-mura, Kumage-gun, Yamaguchi-ken. Then I would like to cover the black of the study and make clear one of the forms of the masses' correspondence under the reorganization of native industries. After the investigation of historical materials at Yamaguchi Prefectural Archives and the Office of old Marifu-mura, I concluded the following points; (1) The population in Korea from old Marifu-mura amounts to 40.7% of the legal residencial population in 1917. (2) The most frequent period of expansionism is the twenty years before and after Japanese and Sino-War. (3) Many of them are engaged in commerce, and the rest are other various jobs. (4) Most of them are householders and the eldest sons. (5) The greatest force that drove them to such expansionism is the affairs in connection with commerce-shipping which are caused by the economic fluctuations since the Meiji Restoration. The people engaged in commerce-shipping went into Korea to find a new stage of their activities. Of course we should not overlook the backup of Japanese government. But the main purpose is in the establishment of the political and strategical bridgehead.

著者

大杉 由香

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.39, no.1, pp.48-62, 1996

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This paper examines connection between surroundings of poors and politics to them and what kind of situation that national relief could be restricted in Tokyo (Wards) in Early Meiji period. It is certain that there were two sorts of relief, one was for disabled and foundlings, the other was for working poors. I focus on the former since the latter isn't pure welfare politics. After the collapse of relief supported by towns, relief depended on Tokyo Prefecture considerably because rich inhabitants who had supported towns grew needy. Moreover merchants and landowners connected with national government wouldn't help poors positively. Tenants were not special people for them because rented houses were in great demand in Tokyo. If poors couldn't pay house rent, there did not cause big problems for landowners since many of them earned their living by commerce besides house rent. That was why they took negative attitude toward poors. Tenants who were odd job men tended to move to places where house rent were cheaper. Thereby they didn't need strong connection with landowners. Relationship in the neighborhood in Wards were weaker than in Districts. Compared with Districts, there were much more people who were helped by public relief in Wards. I analyzed rates of national relief for disabled and orphans as a percentage of the population there, but the rate was lower than national average because of relieving disabled in prefectural Nursing Home (Yoiku-in) and Lunatic Asylum (Tenkyo-in). The rate of only orphans was higher than the average because Tokyo Prefecture didn't help many of them. In conclusion, Tokyo Prefecture couldn't help relieving poors positively owing to weak relationship in the neighborhood and depressd charity. National relief which was restricted to a few of disabled could be done as far as prefectural relief was effective.

著者

八木 紀一郎

出版者

土地制度史学会(現 政治経済学・経済史学会)

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.43, no.3, pp.1-9, 2001-04-20 (Released:2017-12-30)

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Since the Thacher-Reagan-Nakasone Era of the 1980s, the liberal economic ideas of the 'Austrian School' have been on the tongues of politicians all over the world. For a deep understanding of this intellectual tradition, however, we must bear in mind that it has a history of more than one hundred years since Carl Menger published his seminal work, Grundsatze der Volkswirtshaftslehre. After a very short discussion on the methodology of intellectual history (Section 1), I explore the school's origins in the old Austria under the Habsburg Monarchy. I find that the most important development in this tradition was the emergence of a fundamental liberalism during the turbulent years after 1918 (Section 2). Ludwig von Mises was the sole innovator of this tradition. I examine Mises' position in Austrian post-war economic policy in Section 3, using evidence from his contemporaries as well as financial statistics. In Section 4, I summarize his criticism of socialism and defense of liberalism. In the last section, I conclude that Mises' fundamental liberalism was the expression of the dissipation of the social basis for a viable political liberalism in the unstable Austrian Republics. However, the purification performed by Mises provided the liberal ideas of the 'Austrians' with a new vigor that enabled them to migrate to the United States.

著者

千田 稔

出版者

政治経済学・経済史学会

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.29, no.4, pp.p40-59, 1987-07

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The purpose of this study is to make clear what characteristics Marquis Hosokawa had before World War II, from the point of each stage of capitalistic development, in order to encourage the study of peerage capital which has been so far almost neglected. The historical documents used in this paper consist of the materials concerning both human affairs and family budgets of the Hosokawas. The conclusions of this study are as follows. 1. Marquis Hosokawa grew to be a big land owner of 1000 cho (about 1000 ha) in Kumamoto in the thirties of Meiji era and of 2000 cho in Korea, but the amount of farm-rent was smaller than the amount of stock dividends or almost equal to it. 2. Under the direction of Keigo Kiyoura, counselor of the Hosokawas, and Nagaaki Takahashi, semi-servant of the Hosokawas, Marquis Hosokawa tried to contribute the colonization of Korea and made Kumamoto the base of capital accumulation by the help of Zaibatu Yasuda mainly through the field of the banking and the electric power industry. And it became a man of property amounting to ten million yen in the Taisho period. 3. Though Marquis Hosokawa had priority to the national position of peerage as the guard of the Emperor, thus it obtained farm-rent as the main revenue by becoming a big land owner in Kumamoto and Korea, and established the base of capitalistic accumulation in Kumamoto, which brought the Hosokawas somewhat social influence over Kumamoto at least. We can point it out that Marquis Hosokawa was one of the typical existences standing for almost main features peculiar to prewar Japan.

著者

川上 正道

出版者

政治経済学・経済史学会

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.6, no.1, pp.29-39, 1963-10-20

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われわれは当面,日本資本主義の再生産構造を解明することを課題としている.これに応えるためには,マルクスの再生産論を正しく把握しておくことが,理論的な基礎として必要であるが,その実証的な資料という点では,政府推計の国民所得および産業連関表を重視すべきであろう.ところで,これらの政府の統計は,主観的な効用価値説にもとづいて作成されているから,客観的な労働価値説の立場からこれを正しく再編成したうえで利用しなければならない.つまり,マルクスの再生産論に立脚して,国民所得と産業連関表を正しく位置づけ,それを基準として政府推計の国民所得および産業連関表の歪曲された性格をとらえておく必要がある.われわれは,以下に,マルクスの拡大再生産表式を手がかりとして,この点を明確にしようとするものである.

著者

福澤 直樹

出版者

政治経済学・経済史学会

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.36, no.4, pp.1-17, 1994-07-20

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The purpose of this paper is to examine the development of the state assistance-system for unemployed from the period of Wilhelmine Germany to the Weimar Republic and to make its background clear. In Germany no assistance-system for unemployed was taken by the state before World War I. This was not caused by the absence of the unemployment problem, but by the absence of agreement to that the state organize the redistribution as seen in the social insurance or in the state subsidy, due to the dominance of the classical Liberal way of thinking. It was after the war, in the political and economic confusion, with enormous unemployment, that the first state assistance-system for unemployed was introduced. However, it was not the unemployment insurance planned earlier, but rather a special unemployment assistance which was financed solely from the public (mainly state) expenditure, the so-called "Erwerbslosenfiirsorge", because there was no prospect of keeping the finance of insurance just after the end of the war. After that, several attempts were made to realize the unemployment insurance more adequate for a market economy, in which the propotion of benefit to burden is clear. But the attempts were not successful till 1927. In the meantime the Erwerbslosenfiirsorge went on, as the only state assistance-system for unemployed, in spite of problems of administration, conflict between proportional contributions and standardized benefits which appeared after the hyper-inflation, and insufficient right to assistance due to means-testing. The Erwerbslosenfiirsorge kept the assistance just sufficient to sustain the essentials of life, even in the financial pressure in the recession in 1925/26. The Erwerbslosenfiirsorge functioned as the actual system for effective maintenance of the livelihood of the unemployed. The right to social security for unemployed was essentially established, de facto, with the Erwerbslosenfiirsorge. But the Erwerbslosenfiirsorge lacks the financial stability, and the confusion of bases of burden and benefit brought social frictions. Therefore, the unemployment-assistance system had to be changed into a state insurance system. Because of this change, a wide range of people would not be covered by the new system. Therefore, a main point of discussion about introduction of unemployment insurance was, how a security system with benefits corresponding to former income could be established without hindering the function of insurance as a comprehensive social security system. As a result, the elements of planned redistribution were included in the insurance, contrary to the original intent. For the persons excluded from this social security system, a parallel system like "Flirsorge" was introduced. The establishment of the insurance law in 1927 can be understood as a systematization of both functions of social security, i.e. the insurance, which is adequate for a market economy, and the Fiirsorge, which had been combined with the right to assistance in the Erwerbslosenfiirsorge. We can see that the origin of the complementary relationship between unemployment insurance and unemployment aid in the contemporary Employment Law in Germany had already been established at this time.

著者

中島 俊克

出版者

政治経済学・経済史学会

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.28, no.3, pp.38-55, 1986-04-20

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French machine building industry, which started its modernisation in 1820s, came to maturity about 1860. Large-scale factories, engaged chiefly in the building of locomotives, grew up on the outskirts of the city of Paris. But these factories looked for skilled workers in the East End (around the Saint-Martin Canal) where small machine shops swarmed. The mechanisation of Parisian industries, especially that of the fabrication of articles de Paris, had activated these shops. Skilled workers, most of which were potential shop owners, dominated the work of machine building even in large factories, and the skill ef these workers ensured the high quality of French machines. The Great Depression deprived French machine builders of its foreign market, and the crisis of 1882 forced them definitively to reorganise their activities. (Technical progress, notably the diffusion of universal milling machines, transformed the character of the work of machine making. In this aspect, the United States and Germany went far ahead of France.) Some large factories, forsaken by railway companies, quit Paris to find a greater market in Northern region; others turned into a trade which had little or no connection with mechanical engineering. Small shops, damaged by the decline of articles de Paris industry, subsisted by the fabrication of new products, bicycles for example. The recovery of world economy from the mid-1890s encouraged the renascence of French machine making. The building of steam engines and of machines for verious industries revived. But this time the chief stimulus came from the automobile industry. Many machine makers entered for themselves into this new domain, or found a large market in automobile firms. Small shops, after the concentration of bicycle fabrication, reorganised themselves to realise the mass production of automobile parts. In the East End, very small-scale machine shops specialised in this field grew rapidly like so mony mushrooms. They enjoyed the benefits of technical inventions-coal gas engine, machine-tools for small works etc. Only the combination of these new technics and the traditional skill of machine making, which was fading away even in the East End, could meet the large demand of automobile parts in the early years of the 20th century.

著者

須藤 功

出版者

政治経済学・経済史学会

雑誌

土地制度史学 (ISSN:04933567)

巻号頁・発行日

vol.27, no.1, pp.1-15, 1984-10-20

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This study deals with the development of the Chicago Money Market from 1863 to 1894. The main goal of this study has been to determine Chicago's financial position, which has often been disregarded, and to understand the American banking structure in this period. To do so, we began by analyzing the correspondent banking system, which became general under the National Banking System (1863). The system of correspondent banking was reinforced by interbank borrowing (or loan) and by the commercial paper market resulting in the establishment of a national money market with New York as its center. New York banks acted as mediator of the internal and international flow of funds. Next we examined Chicago's position in the American money market. By the 1890's, after it became established its pre-eminence as a commercial, agricultural and manufacturing center, Chicago became the major financial fulcrum of the Midwest; second only to the New York money market. With its industrial base, the position of Chicago as a money market was different to New York. While Chicago bankers had acquired, like New York bankers, the accounts of numerous country banks, they could not help but lend these funds to the Midwestern industries because New York monopolized the security market and because business in the Midwest made increasingly larger demands for credit. In the process of the formation of big business and the development of agriculture in the Midwest and in the West, therefore, bankers in Chicago forecast the rise of their city to surpass New York as the top-ranking American financial center. These competitive relations between Chicago and New York became even keener with the intended reform to the financial structure after the panic of 1893. Directly after the panic, the Midwestern city bankers organized a plan for a new currency based upon a bank's general assets. It was called the "Baltimore Plan" (1894), and it met with strong opposition from Eastern bankers, and was never passed into law. Though the powerful New York bankers were aware of the dangers in the existing banking system, their first thought was to protect their pre-dominance, and they rejected the reform. Subsequently, and ironically, many country bankers joined "Wall Street" because they feared Chicago banks would dominate them. It is the formation and breakdown of the Baltimore Plan that we consider as epitomizing the American banking structure in the late-nineteenth century. Following the collapse of the Plan, the movement for financial refom formalize the conflict among New York, Chicago and other country bankers, and finally the Federal Reserve System, the American central banking system, is established.