Dollar's value has been fluctuating since the Nixon's shock of 1971. But the dollar functions still at present as the international currency, or key currency. On the other side, an international monetary system, which may be called the "dollar standard" has been installed now. After the shock of 1971, international networks of short-term and long-term credits have been made up. We may call the combination of the "dollar standard" and international networks of credits, which have been made up under the "dollar standard" the "dollar regime." But the networks have been facing the dangers of being cut to pieces since the Mexican default crisis of 1982. Now, this article has for its purpose three points to analyze: (a) what are the grounds on which the "dollar standard" came into being, or why does the unconvertible dollar function as the international currency ?; (b) in what manner have the international networks of credits been made up under the "dollar standard", or how has the expansion of the networks changed the international financial market ?; and (c) what limits do the networks have now, or what contradictions have accumulated in the international financial market. We may say that the "dollar regime" is on the point of collapsing. The international debt crisis and the "dollar confidence problem" are two main factors that the "dollar regime" involves, in leading the regime itself into collapsing.

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The purpose of this paper is to investigate Prussian railway policy in "Vormarz", especialy, its aims, objects, methods and results, and to make clear the process of its formation and failure. By this research, I will show the attitudes of the Prussian Government toward railway finance and its historical characters in that times. Principal points I will show are as follows. (I) The Prussian Government refused to construct national railway, it only designed to legistlate for establishment of railway companies and control over them in 1830s. Adoption of this retrenchment policy was not attributed to economic growth and bourgeois' requests, but anti-constitutionalism of the Government after the Napoleonic wars. (II) It is observed that railway companies could not raise capital in want at the end of 1830s, because the commodity and capital markets had been undeveloped in Prussia. Thus, since "Vereinigte standische Ausschusse" (1842), the Government amended its retrenchment policy so as to provide the companies in need of funds, with financial aids. (III) On account of these aids, railway companies could raise enough capital, and construct railroads swiftly from the beginning of 1843 to May 1844. But after that time, the financial conditions of the companies got worse again, because of defects of the commodity and capital markets. At last, the followings became clear. As long as the Government clinged to the existing policy-restricting financial aids in pursuit of retrenchment-, constructions of railroads could not be advanced. At very time, "Marzrevolution" broke down this financial restriction. Since then, the Government gave financial aids to the railway companies on a large scale, and began to construct railroads on its own account.

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The purpose of this study is to make clear what characteristics Marquis Hosokawa had before World War II, from the point of each stage of capitalistic development, in order to encourage the study of peerage capital which has been so far almost neglected. The historical documents used in this paper consist of the materials concerning both human affairs and family budgets of the Hosokawas. The conclusions of this study are as follows. 1. Marquis Hosokawa grew to be a big land owner of 1000 cho (about 1000 ha) in Kumamoto in the thirties of Meiji era and of 2000 cho in Korea, but the amount of farm-rent was smaller than the amount of stock dividends or almost equal to it. 2. Under the direction of Keigo Kiyoura, counselor of the Hosokawas, and Nagaaki Takahashi, semi-servant of the Hosokawas, Marquis Hosokawa tried to contribute the colonization of Korea and made Kumamoto the base of capital accumulation by the help of Zaibatu Yasuda mainly through the field of the banking and the electric power industry. And it became a man of property amounting to ten million yen in the Taisho period. 3. Though Marquis Hosokawa had priority to the national position of peerage as the guard of the Emperor, thus it obtained farm-rent as the main revenue by becoming a big land owner in Kumamoto and Korea, and established the base of capitalistic accumulation in Kumamoto, which brought the Hosokawas somewhat social influence over Kumamoto at least. We can point it out that Marquis Hosokawa was one of the typical existences standing for almost main features peculiar to prewar Japan.

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