02-11-2009, 10:19 PM
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So Fucking Banned
Industry Role:
Join Date: Oct 2002
Location: Mesosphere
Posts: 2,926
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Quote:
Originally Posted by Ethersync
What you are talking about has never worked in the history of mankind.
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Huh?
http://en.wikipedia.org/wiki/Great_Depression
The Great Depression did not strongly affect Japan. The Japanese economy shrank by 8% during 1929?31. However, Japan's Minister of Finance (MoF) Osachi Hamaguchi implemented the first version of Keynesian economic policies: first, by increasing deficit spending; and second, by devaluing the currency. The MoF believed that the deficit spending could easily be paid for when productivity improved.
The devaluation of the currency had an immediate effect. Japanese textiles began to displace British textiles in export markets. The deficit spending, however proved to be most profound.
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