During and after the War, the world system of capitalism underwent a violent change mainly attributed to the facts: the birth of Soviet Russia and the change of international positions of imperialist countries. The transfer of the leadership of international money market to change acutely. The general crisis of capitalism was caused principally by the facts -two monents of political and economic crises. At the stage of imperialism, the crisis was the one against the rule of finance capital as the leading capital. The key to this rule depended on whether their monopolistic policies, domestic and foreign, could be accomplished. The domestic policy was to reproduce the bases for exploiting the people by means of monopolistic pirce policy, and the foreign policy was to deal with the "Kapitaluberschuss" without disturbing the international money market. As long as the foreign policy could be carried out, they could absorb the political crisis into the economic process while accumulating capital. But essentially, those policies became impossible as a result of the change of capitalistic world system. The yeaes before the panic, however, was a period of so-called relative staability, because the following abnormal conditions of German and American capitalism and their singular relation formed for a time a mechanism for the relative stability. German capitalism, in spite of the change of its international position and the bases for exploitation, was inclined to reconstruct the same type of industrial structure as ever and to re-orhanize within that structure monopoly capitals. Consequently, they suffered from the surplus of the real capital and the shortage of funds. On the contrary. Amerinan capitalism was inclined to re-organize the industrial structure including new industries through isnnovation. But low wages caused by declining employment in the heavy industries and the dual system, caused by declining employment in the heavy industries and the dual system, caused yb new industries, of the industrial structure and capital formation brought about the stagnation of investment and the surplus funds. Capital export from America to Germany enabled Germany to pay the reparations, and this international flow of funds functioned as the said mechanism for the relative stability. This report intends to throw light on these problems through analyzing the capitalistic structures of reproduction in the two countries, and the difference, between them, of the type of surplus-capital formation.

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With the introduction of electricity into the industrial production, the electric power became a principal energy of this country. It made possible automatic and concentrated operation of machine and also accelelated the monopoly in the production and capital accumulation of the industry. This article aims to examine the prosess of development of the heavy chemical industry in Japan from the viewpoint of the 'electrification as an industrial energy'. Criterion of the examination are as follows: (1) Electrification ratio which is to be used in order to indicate the level of the industrial technique used. (2) Electric power generated which is to be used to show the the expansion of field of industry and inclease of the quantity of production. (3) Furthermore, the process of the development of power industry will be examined by such criterion as generation system applied, structure of production and mechanism of capital accumulation. Examinning such fields as the metal, machinery and appratus, and pure chemical industries by criterion mentioned above, it became clear that basic and necessary technique for the establishment of heavy chemical industry had been well founded during 1910-1920. Market share of the heavy chemical industry of this country was less than thirty percent in all the industrial production in the post-war period. The popularlization of the electric power as an industrial energy, however, indicated that Japan's industrial level had been reached at high level which would be well compared with that of western countries. We can safely say that the electric power in post-war Japan was taking a leadership in raising up the technique of whole industry into higher level.

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Japanese capitalism historically developed much later than in Western countries, and geographically the distances were great between Japan and West. Its backward nature inevitably influenced the peculiarities of Japanese imperialism. The purpose of this paper is to inquire into the peculiarities of Japanese imperialism, by considering the movement of the monopolistic structure of the cotton industry and Zaibatsu Konzern, considered as dominant capitals in the Japanese economy. On the one hand, Japanese imperialism is "cotton imperialism." When Japanese capitalism emphasized its advanced and leading character instead of its backwardness, compared to Asiatic standards, the cotton industry was able to successfully take root in Japan. The fact that a monoplistic enterprise was formed even in such a light industry is noteworthy. Moreover, some similarities exist between the reproduction structure of this monopolistic light industry and a monopoly of financial capital supported by heavy industry in Germany and America. On the other hand, Zaibatsu had no strong industrial basis, especially in heavy industry; it was characterized by a highdegree "monopoly of capital," i.e., the multiple dominant system based on Konzern organization. However, this type of Zaibatsu continued only until foreign currency obtained by exports supported the import of heavy chemical manufacturedgoods. Especially, exports such as silk and general merchandese, which symbolized the backward nature of Japanese capitalism, contributed to gaining foreign currency. In the 1930's, Japanese capitalism, rushing into war economy, had to encourage heavy chemical industrialization, sponsored by Zaibatsu, since the increase in military power was required. In 1929, the world panic caused the rapid decline in export of silk, and a fund for import of raw materials of the heavy chemical industry had to be supported by greater increase in cotton export. Consequently, when the imperialistic overseas expansion of cotton industry reached a limit by the strengthening of bloc economy on a world- wide basis, the growth of heavy chemical industry also reached a limit. As a result, military potentiality of Japanese imperialism, too, reached a limit.

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One of the most urgent problems that Japan had to grapple with after the First World War was the high level of prices. Though prices fell considerably during the depression in 1920, they still maintained fairly high level compared with those abroad. And there developed the argument about the economic policy to deal with the price problem. The Seiyu-kai party insisted on the importance of national defence and industrial development, and so proposed to continue the inflationary finance. This, in the depression period, means a policy of relief for the capital, especially the industrial capital. The opposition party, the Kensei-kai, abvocated the necessity of a systematic price policy, including removal of the gold embargo and cut down of governmental expenditure. The policy of the Seiyu-kai can be described logically as follows: an inflationary financial policy is necessary for the recovery from the depression, but it necessarily brings a rise in prices, growth of unfavourable balance and decline in the exchange; nevertheless, the government can avoid economic confusion by means of control of the exchange value, keeping it a little but not too much under the parity by re-sale of foreign balance. According to the Kensei-kai's policy, on the other hand, the way out from the economic difficulties should primarily be found in lowering the prices to the level of those abroad, and for this purpose balanced financial policy and then recovery of the gold standard are essential. While these debates were going on, the Takahashi Cabient fell in 1922 and the non-party Cabinet under premier Tomosaburo Kato followed. New Finance Minister O. Ichiki preferred a policy of balanced budget as a preparation for removal of the gold embargo. This change in policy was in a sense the inevitable result of the economic process, but in another it was a realization of the capitalist's interests. Among the capitalist groups was the industrial capitalist that supported the inflationary policy of the Seiyu-kai, and the financial capitalist that paid great attention to the exchange value of the yen. The adjustment of the opposing interests between them was achieved with the visit of the mission of Japanese business leaders to Ameirca and Europe in 1921, which laid the foundation of the Nippon Keizai Renmei Kai, the powerful alliance of the industrial capitalist and the financial capitalist, established in 1922. The message, issued by the mission after having seen the recovery of the U.S. economy far quicker than expected, emphasized the importance of the deflationary policy, warning against the danger of failure in getting a favourable position in the world economy. Thus it would be obvious that the government policy in 1922 had close connection with the adjustment of the interests of the powerful capitalist groups. Though the changed policy failed to be carried out, it can be estimated as an original or germinant form of Finance Minister Inoue's policy in 1930, and we can recognize that the series of such policy fundamentally tended toward the policy for the industrial and financial capital.

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