From a historical viewpoint, C.P. Kindleberger's The World in Depression 1929-1939 seems to emphasize "the failure of policy" of Western countries which lacked the sole leading power, and as a consequence ends in the Pax Americana after W W II instead of the Pax Britannica. As a matter of fact, Kindleberger appreciates the Roosevelt Administration, from the Keynesian perspective. On the other hand, an European historian, G. Ziebura's Weltwirtschaft and Weltpolitik(World Economy and World Politics) 1922/24-1931 characterizes the U.S. in the 1920s under three Republican adminstrations with H.C. Hoover's initiative as Scharnier Macht(Hinge State), which played the role of catalyst between the Versailles System in Europe and the Washington System in Asia. Methodologically, this is an enterprising attempt to integrate political and economic aspects of the world. Extending Ziebura's perspective rather than Kindleberge's, I review the world economy and politics in the 1930s. In the first half of this paper, I trace the historic change from the internationalism of the Hoover administration to the protectionism of Roosevelt. In the latter half, I examine the global strategy of U.K. and present an interpretation of the struggle on global hegemony between U.S. and U.K. until W W II: U.K. regarded the change of U.S. policy as a symptom of U.S. economic hegemony so that N. Chamberlain promoted the appeasement policy toward Germany and Japan in order to prevent the U.S. hegemony and defend the British Empire.

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Argentina ha formado y desarrollado la economia exportadora agropecuaria durante el periodo de la decada de 1850 hasta la Crisis Mundial de 1929. A traves de este proceso, Argentina se ha convertido en uno de los pasises principales en la exportacion de los productos agropecuarios. En la transformacion de la estructura economica, los medios de transporte desempenaron el papel vital, sobre todo los ferrocarriles. En este ensayo, intentamos aclarar el papel de los frrocarriles en el proceso de formacion de la economia exportadora desde la decada de 1850 hasta 1930. Tratamos de analizar los aspectos de construccion, transportacion, inversion y ganancia en el sector ferroviario. A traves del analisis, hemos tenido los resultados significativos siguientes. La politica economica que dominaba en Argentina despues de la mitad del siglo XIX, habia adoptado la influencia profunda traves de la ideologia "economia libre" presentado por J. B. Alberdi. Introduciendo esa politica, Argentina importaba capital, tecnologia, productos munufactureros y mano de obra desde los paises europeos. El capital extranjero principalmente era introducido de Gran Bretafia y invertido al sector ferroviario. El primer ferrocarril, construido por la compania argentina "Oeste" en la decade de 1850, sufria la dificultad administrative desde principio. En la epoca de la mitad del siglo XIX, los paises no tenian tanto interes en Argentina como el mercado de inversion. Para importar capital, el gobierno argentino tenia que preparar los medios con beneficios como los sistemas de garantia de interes, excencion de impuestos y concesion de las tierras. Ellos desempenaron el papel vital para descargar el riesgo de las companias ferroviarias en la primera etapa de la inversion. Sostenido por ellos, la construccion de los ferrocarriles era promovida granualmente despues de la decada de 1860, principalmente por las companias privadas britanicas. Las cuatro gran companias privadas britanicas, Buenos Aires Great Southern, Central Argentine, Buenos Aires Pacific y Buenos Aires Western, construieron las lineas radiadas ligando el puerto de Buenos Aires a la region Pampeana. Los ferrocarriles transportaban principalmente la carga, es decir los productos agropecuarios. Despues de los anos 1892 a 1930, el transporte de la carga ocupo unos 60%, mientras los paajeros unos 20% dentro del ingreso bruto ferroviario total. En los ano 1910 y 1930, las companias privadas ocuparon unos 90% de la cantidad de la carga transportada y los pasajeros, y las cuatro companias grandes mas de 60% de la cantidad de carga total y unos 80% de los pasajeros. Las companias privadas transportaban principalmente los productos agropecuarios, mientras las lineas publicas las materias de construccion, combustibles y varios. El sector ferroviario marco las tasas mas altas de ganancia en las decadas de 1880, 1900 y 1920. Las campanias privadas ganaron las tasas sumamente altas en esos periodos, comparando con las publicas. Sin embargo cuando el auge ferroviario termino en la decada de 1930, se disminuio la diferencia de la tasa de ganancia entre las companias privadas y las publicas. En el proceso de construccion ferroviaria, las companias britanicas desempenaban el papel vital, estableciendo el sistema monopolico del transporte terrestre. Los ferrocarriles transportaban los inmigrantes europeos y los productos agropecuarios entre al puerto de Buenos Aires y la Panpa. Durante el periodo de los anos 1888 a 1930, las superficies cultivadas de trigo, maiz y lino incrementaron 10,7 y 25 veces. Las cantidades exportadas de trigo, maiz y lino se multiplicaron mas de 700, 500 y 80 veces entre las decadas de 1870 o 1880 hasta la decada de 1920. La penetracion de las lineas ferroviarias aceleraba la infiltracion de la economia de mercancia, precisamente dicho la division del trabajo internacional. La produccion agropecuaria en la Pampa se realizo

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The wave of economic globalization began in the mid-1980s and remarkably expanded into the 1990s. This development has been driven by mutually reinforcing three factors: conversion to economic liberalism, information and telecommunication revolution, and internationalization of enterprises. The United States took the lead in this development, followed by the United Kingdom and more recently, other advanced countries.
In the changing global circumstances, the international direct investment has been greatly increasing. The economic globalization has a basis in this accumulated investment stock. The direct investment activity grew in a wide range of industries, especially in services sectors such as finance and telecommunications and spread out globally. The world economy entered in the stage of globalization ever not experienced.
The numbers of multinational corporations and the investment home and host countries increased remarkably, indicating the diversity of development. The mainstream is the international direct investment among the advanced countries, which flowed out of three poles of the United States, Western Europe and Japan and flowed into two poles of the United States and Europe. The United States and Europe made headway highly in liberalization of direct investment and trade, but Japan lagged behind in economic globalization. This delay is a cause of economic stagnation of Japan in the 1990s.

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Many of the ethical problems including evident law violations occured in overseas Japanese companies are due to the characteristics of Japanese Globalization. Many Japanese managements in the overseas operation encountered ethical dilemmas are mostly placed in high pressure caused by the cultural differece. In nature, Japanese management style is quite weak to ease such conflicts, thus, many of the managements of overseas operation come to be ineffective as the interface of two different systems. Some of them run to neglect laws because they cannot solve such conflicts internally. In addition to the Japanese management system, Japanese Economy also strengthens this tendency because of its characteristic structure, and distorts the Japanese Globalization. This study sets its focus on such characteristic macro and micro structures, and analyzes the mechanism occuring ethical problems clung to Japanese Globalization.

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When a country's international competitiveness in the world market and the country's industrial and economic superiority becomes apparent, the country is required to make appropriate policy changes for the sake of its own economy and the world economy. If no suitable policy change is made, the balance of the world economy will be destroyed and this will ultimately be a severe blow to the economy of the country in question. However, historically, such a policy is apt to be overcomed by events. Japan's slowness in changing its policy in recent years represents one such case.
Japan now enjoys by far the biggest current account surplus by international standards and this is a serious threat to the world economy. In order to remove the threat, many demands have been made of the country. Yet, Japan has not been quick in responding to such demands. The country has actively initiated a series of economic measures: early implementation of the market-opening action program, promotion of domestic demands, and coordinated intervention to correct the overvalued dollar. These were in respond to the announcement by US President Ronald Reagan's New Trade Policy and the meeting of Finance Ministers from five industrialized countries in September 1985. These measures should have been put into practice much earlier.
The United States in the 1920s is one historical example of failure in initiating a similar and necessary policy change when its economic advantage was assured in the world market. In those days the US was the largest and strongest economy in the world but it raised its tariff barriers and ignored the intensification of grave difficulties which the world economy was facing after the First World War. It must be pointed out that this mistake on the part of the United States obviously contributed to the Depression.
Professor Walt W. Rostow, the well-known US economic historian, referred to this bitter mistake in a lecture in Tsukuba City, Japan, early last year. He said: “The difficulty at the turning point which Japan is now experiencing resembles well one which the United States met after World War I.” He pointed out how important it is for Japan, a newly-rising economic power, to get rid of its previous image and practices and to play a leading role in the world economy and meet its inescapable responsibilities.
Clearly, Japan is required to play an active role in the development of the world economy. It is the Free World's second largest economy and now has the same role North American and European countries perform in the world economy. It should not simply respond passively to the movements of the world economy. In this sense, as Professor Rostow pointed out, Japan is now at a major turning point. And, as mentioned earlier, the most urgent matter now is for Japan to reduce its large current account surplus. Various types of imbalances and many serious problems in the world economy can partly be attributed to Japan's surplus. The country must do its best to expand domestic demand, open its markets, reform its economic structure and seriously pursue a global solution through coordinated multi-lateral management of the world economy in cooperation with the United States, the EC and other countries in the world. No valuable time must be lost and we must be very cautious about the rise of economic nationalism.
The purpose of this article is to inquire from these perspectives and in the light of the British experience in the 19th century and the American experience in the 1920s, the problem of policy changes which are required of an industrially and economically strong country such as Japan. This article will also criticize Japanese economic policy in the 1970-80s when the American postwar economic hegemony gradually declined.

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This article reconsiders British monetary policy between the Wars, in particular before and after the Return to Gold, and attempts to criticise traditional ideas about the gold standard and to show what the appearance of exchange operations suggests. The final aim of this study is to confirm the significant position of the interwar period in the history of capitalism. The achievement of the aim would help us to understand the capitalism after the world war II. When we inspect the changes in British monetary system after the world war I, we notice that the Return was not a simple return to the gold standard. The Gold Standard Act, 1925 abolished the gold coin standard. The amount of the circulation was not relative to the gold reserve not only in the period before the Return but also in the period after the Return. And there was little change in Bank Rate operations at that time. Nevertheless the exchange rate after the Return was more stable. Here we should direct our attention to the existence of exchange operations. The Bank of England started operations in foreign exchange market after the Return and kept on during the reconstructed gold standard period. The existence of exchange operations means that the reconstructed gold standard could not support the exchange rate by itself, and that on the contrary exchange operations supported the gold standard. This inverted situation suggests that it is not the presence of the convertibility but the exchange adjustment that is a essential problem to the stabilization of the monetary system.

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本稿は,20世紀前半に日本を中心とした東アジアが,1つの主権によって統合された市場関係に基づく資本主義として発展してきたという認識のもと,従来一般的につかわれてきている「日本資本主義」ではなく,「東アジア資本主義」という概念規定を提起する。まず東アジア地域の貿易の特異な発展を数量的に確認する。特に,日本が世界市場に最終消費財を輸出すると同時に,周辺アジア地域との間に特異な貿易関係を結んだ過程を検討する。次に,日本の工業製品輸出を支えた植民地農業の意義を明らかにする。植民地からの食料品輸入による日本の外貨節約効果を確認し,それを可能にした植民地における農業政策,商業機構,小農径営等について論じる。最後に,帝国レベルでの資本・賃労働関係の形成と帝国内における労働力移動の検討から,日本内地から植民地への資本主義的生産様式の移植について論じる。以上を通じて,日本および各植民地は当該地域の自然的・社会的な条件に規定されつつも,帝国として一体的に資本主義を形成していたことを示す。

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This paper investigates the effects of World War II on the postwar U. S. corporate system and labor relatiorls. World War II was the crucial bridge between the Great Depression of the 1930s and the postwar era of sustained growth. The structural transformations which occurred in response to the exigenciees of the war became the major pillars of the postwar economy. This paper examines the characteristics of the U.S. war-time industrial mobilization system and the central features of these changes. It is argued that the most salient feature was the creation of the war-time "military industrial complex". This complex became the driving force for the changes in the organization and operation of the U.S. economy during the war. These changes can be roughly grouped into four categories: First, the conversion of the key heavy and chemical industries into war production promoted the development and diffusion of mass-production techniques. Second, the government financed and promoted an expansion of production facilities and infrastructure that considerably increased the nation's production capacity and industrial basis. This was especially true in the case of big firms in key industries. Third, the war-time, production-control and price-control mechanisms, as well as war production itself, depended upon "Big Business." This strengthened their corporate power and increased economic concentration. Fourth, wartime labor relations incorporated the major elements of the underlying historical changes of the 1930s arld thereby prepared the postwar labor-management framework. World War II had two major effects on the formation of the postwar corporate system. First, the war accelerated the establishment of the postwar "matured oligopoly regime" in key industries. Second, it set forth what would become the "standard" pattern in organizing labor relations in the postwar era.

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