From the article of 'Petrel'
No.670 / March 22, 1998

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Outskirts it is possible to become of "Recession overcoming policy"

One lesson in 1930's



There was a chance to read the editorial of 'Orient economic new report' just behind 5.15 events (Military coup d'etat) in 1932 by chance. The word of repeating recognized --of course, though it is not quite the same type-- true of one side to the history very. A sub-title is entitled this editorial "National crisis revolution policy" and is the one "Promote first of all and get business".

The editorial enumerates three causes of 5.15 events. There was no freedom of speech, the leader was incapable in an every aspect besides a political, economic education, and at the end, the economy was extremely trapped by "Economic policy that was able to be wrong". In conclusion, it is recommended the policy it to be possible to come out from "National crisis" most quickly is to do the business promotion plan large-scale and thoroughly.

"(By such a miserable recession) now, the entire people try to lose the consciousness by similar morale dejection and the complaint. Who made up a tragic society thus? It is not the one which 1 person and 2 persons should be able to return to say nothing of the responsibility. The Prime Minister Hamaguchi beforehand and Inoue of the former minister of finance were the most typical probably persons. However, they are helped and the person who accomplishes and got the wrong policy is indeed a leader of my financial world and the political world. ... Mousi explained "Without the decided job and property, the person cannot have a correct mind. ... However, unemployment willingly got people as for the politics of our country of recent years. And the leader of the financial world also assumed this to be good. Finally Inugai Cabinet is approved, the gold standard is stopped, and the policy of a past government is being changed. However, it kept unhappy, and the date was few and insufficient economy and recognition to the current state of the society yet. Therefore, along the expectation of the people and it became the end (5.15 events) to which this time unhappily became at last."

Then, it became a shift to the financial expansion policy and the business stimulation policy by Takahashi's of minister of finance initiative. However, this was related to the large expansion of a military budget, too. "Munitions business" makes the entire economy escape from the recession.

We wonder whether Inugai cabinet is Hashimoto really Cabinet. Of course, the business policies that Hashimoto is doing are not the expansion policies of munitions. However, it only becomes by chance so. The finance which has already failed is chased, is done to a more definite collapse, and it is indifferent with the financial policy of Inugai Cabinet in the point to try to lead Japan to another ruin.

It was clear that it was even a policy of a financial rebuilding, "rational" policy reasonable, wise policy from the situation of the finance of a Japanese nation it. For that reason, the Hashimoto regime took up the problem and emphasized it.

Hashimoto said, "There is no future in Japan if the route of a financial rebuilding fails". We wonder whether he makes an excuse really when his word was a makeshift empty word. No, there ware the consensus of the bourgeoisie that requested an economical "rationality" and "a healthy body". A healthy even somewhat of them intention was there.

Actually, after the route of a financial rebuilding and economic rationalization of the Hamaguchi regime fails, the financial policy of Japan has already lost any straight content and the rationality. As for it, where even flew like the arrow shot from the bowstring of the bow at random became not certain.

If the expansion of finance is insisted obstinately good and the restriction of finance is removed, it is clear in the demand of the military expansion of the military not to be able to do any resistance. It is similar to performing the demand of the public business expense expansion and turning on the public capital at present to no restriction. If they say, "No do matter of rebuilding finance. The business recovery is more important than it", The nation will do a with one's own way policy and national finance expands without bounds. It might be probably the one inevitability that the debt of the nation increases rapidly.

In the age of the great depression, it was criticized that Hamaguchi had mistaken the future of the nation because of the international cooperation policy, deflation policy, armaments reduction policy. However why can politics after Hamaguchi like inflationism, financial expansion, military reinforcement, the imperialism policy be justified?

Of course, the petty bourgeois insists and can insist that there was often not Inugai and Takahashi's policies however in there was often not Hamaguchi's policy either, no shape related to the military expansion principle and imperialism and it was necessary to do the business measures peaceful economically, it was necessary to do it as a consumption increase of the people. (Factuality, they are insisting so. For instance, Tyou Yukio)

Recently, It might be the similar one though the debt and the expansion policy of inflationism and finance are also correct, nonsense that it is a justice if the business recovery is performed because of not a public business but the tax reduction, is actively said.

In a military policy and the tax reduction, there is no difference as the financial expansion policy. It is not more certain than that every policy can be done if becoming good a financial expansion once and the policy is done from the one thought to be effective more nearby.

Policy considered that effect is large nearby is munitions before the war and after the war, it is a public business. This road was inevitable of one. Why were you able to say that munitions were necessary for the society as it was or was useless or timing was lost? (It was "The situation was emergency exactly" and the enhancement of military affairs was a request at time.) Why can you say a public business is more useless than the tax reduction and it is more inferior as the business measures?

Having come after Hamaguchi's failure up to was a trend of the age overcoming the recession it, a disappearance of the brake, and a rapid trivial fall such as financial making health from it to the inflation economy. Can this new tendency be called it was how much better from the standpoint of Hamaguchi's financial making health? If Hamaguchi's policy is criticized, it is necessary to criticize the policy of inflationism and a financial collapse and the ways of national dismantlement any more, too. Anyway, it is the latter and not the former can do nothing but assume the responsibility to a reactionary war and the invasion principle of the militarism and the imperialism, that is, Japan.

Such a historical experience teaches that if the panic is overcome, it not good it and goodness does not have anything if moving to the war economy and the economy of the inflation bubble even if the panic is overcome either. However, if the worker cannot suffer under the panic, it becomes clear that it can do nothing but be abolition of worker's loophole of the rule of the capital. Even this is a valuable lesson of the history.