Woman's Place in Japan's Great Depression: Reflections on the Moral Economy of Deflation

  title={Woman's Place in Japan's Great Depression: Reflections on the Moral Economy of Deflation},
  author={Mark Metzler},
  journal={The Journal of Japanese Studies},
  pages={315 - 352}
  • M. Metzler
  • Published 30 July 2004
  • Economics
  • The Journal of Japanese Studies
There is a characteristic moral economy of deflation, and it can be traced with clarity in the case of Japan's long deflation of the 1920s. Deflation emerged as an issue in 1919 and reached an extreme in 1929-31, when the Hamaguchi Osachi cabinet adopted the depression-inducing policy of restoring the yen to gold convertibility at its old prewar value. To support its deflation policy, the cabinet launched an extraordinary campaign to induce households to reduce their consumption. Consumption… 

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