著者

木村 昌人

出版者

JAPAN ASSOCIATION OF INTERNATIONAL RELATIONS

雑誌

国際政治 (ISSN:04542215)

巻号頁・発行日

vol.1991, no.97, pp.14-31,L6, 1991-05-25 (Released:2010-09-01)

参考文献数

50

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The purpose of this paper is to describe clearly the effects of the World Monetary and Economic Conference held in London in 1933 on Japan-United States relations.Generally speaking, the London Economic Conference was largest international economic conference between the Wars, but it was not successful because of President Franklin D. Roosevelt's opposition to the European nations'plan. That is, Roosevelt wanted freedom to devalue the dollar in order to raise domestic prices as a counter to the deflationary effects of the depression. The London Economic Conference could not rebuild the international monetary system. However, there have been few studies about this topic in connection with Japanese diplomatic history, but I believe the result of the conference had a tremendous effect on Japan-United States relations, and this analysis will illustrate Japan's cooperation towards the United States after leaving the League of Nations on March 27, 1933.Japan's response to the London Economic Conference was as follows:(1) Japan wanted freedom to carry out its own domestic economic policy. Therefore, Finance Minister Korekiyo Takahashi was opposed to a return to the gold standard system and did not want to participate in any treaty which aimed at stabilizing the yen exchange rate.(2) Because Japan believed that tariff wars would prevent the recovery of industry and trade for each nation, government and businessmen were anxious to reduce high tariffs and to conclude an international treaty to sweep away limits and embargoes on exports and imports.As a result, the conference could not conclude international treaties not only on a monetary system, but also on trade issues.Japanese businessmen thought that the failure of the conferece became a common symbol of a basic change in the world economy. It brought unstable exchange rates and rampant protectionism. But the Japanese government was calm, because the United States also abandoned the gold standard system and President Roosevelt had exactly the same idea about economic policy, that is, both wanted a managed monetary system. Also, Secretary Cordell Hull's proposal for a reciprocity treaty fascinated Japan, when faced with the European nations' protectionism.In conclusion, the result of the London Economic Conference brought about a situation where Japan could cooperate with the United States economically.