The Journal of Economics
Online ISSN : 2434-4192
Print ISSN : 0022-9768
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Articles
  • Revisiting the Bank of England’s industrial intervention to Sir W. G. Armstrong Whitworth Co.
    Hiroyuki SUGAMOTO
    2025 Volume 84 Issue 2 Pages 2-26
    Published: March 25, 2025
    Released on J-STAGE: April 18, 2025
    DOIhttps://doi.org/10.32173/jeut.84.2_2
    JOURNAL FREE ACCESS
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    This paper revisits the Bank of England’s industrial intervention in the interwar years, focusing on the Bank’s intervention in the Sir W. G. Armstrong Whitworth Co., whose case could be regarded as a ‘natural experiment’ on the Bank’s engagement with the comprehensive reorganisation of an industry. It examines the intervention from the perspective of continuity between the industrial intervention and the Bank’s branch bank business. Moreover, this study explores the influence of contemporary debates on ‘rationalisation’ on the Bank’s industrial intervention. This study reveals that the Bank’s reorganisation schemes were based on the competitiveness and profitability of each business unit of the Armstrongs. Furthermore, its reconstruction strategies were heavily influenced by contemporary discussion on rationalisation which sought to regulate competition by eliminating redundant capacity. Finally, there was a continuity between the Bank’s commercial businesses conducted in its branches and the Bank’s industrial intervention.

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  • Exclusion from the Veterans’ Welfare in the Post-WWII United States:
    Based on an Analysis of the Response of the Veterans’ Administration
    Shoji NAKAMURA
    2025 Volume 84 Issue 2 Pages 27-56
    Published: March 25, 2025
    Released on J-STAGE: April 18, 2025
    DOIhttps://doi.org/10.32173/jeut.84.2_27
    JOURNAL FREE ACCESS
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    This study analyzes the development of veterans’ welfare in the United States following World War II, with a focus on the issue of exclusion from the program. Previous research has focused on the impact of the G.I. Bill, which was enacted in June 1944, on postwar U.S. society. In recent years, the discriminatory practices of the implementation process of the veterans’ welfare have received significant attention. However, most of the research used historical documents of organizations that protested against discrimination and did not adequately investigate the conversations within the Veterans Administration (VA), which had jurisdiction over the veterans’ assistance program. This paper examines unpublished documents in the V.A. record to analyze how the V.A., in response to demands for change from social groups in the postwar U.S., began to move toward addressing its discrimination practices.

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