The chief aims of the liquidation of the Zaibatsu was the dissolution of the Zaibatsu pyramids with holding companies at the peaks, and the destruction of the economic control exercised by holding companies and Zaibatsu families. As one of the means of liquidating the Zaibatsu, the democratic redistribution of the securities owned by the Zaibatsu and other combines was consequently an important problem. Demanded by the Supreme Commander for the Allied Powers, the amount of securities disposed of in the post-war period reached an enormous sum. But the directors of many limited companies feared takeovers of their companies. For the purpose of prevention against takeovers, many companies stealthily began to acquire their own shares in spite of the prohibition of Article 210 of the Commercial Code. With the peace treaty coming into effect in 1952, the restriction of owning stocks of other companies was relaxed. The former Zaibatsu companies were biginning to purchase small volumes of each other's stocks instead of holding own stocks. The resulting interlocked cross-shareholding made new conglomerate groups, so-called Kigyo-syudan and Kigyo-keiretsu. And the stocks of cross-holding have been functioning as securities for loans.

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The Dodge Plan was the anti-inflationary policy carried out by Joseph Dodge in 1949. Dodge, who had been a planner of the currency reform in Germany as a deputy financial advisor to Lucius Clay, was assigned the task to stabilize the Japanese economy by President Truman. In this paper we consider the Dodge Plan as a part of the policy which the United States pursued after the World War II to rebuild the world capitalist economy. The targets of the stabilization program were as follows: 1) To stabilize the wage level so as to enable firms to resume capital accumulation. The wage stabilization policy was supported by the revision of Trade Union Laws which was to suppress the influence of the left-wing labor movement. 2) To fulfill the conflicting aims at the same time; to curb inflation and to supply funds to industries. The inflation was halted through the reduction to the budget. As the subsidies to industries were drastically cut, all the entrepreneurs run to the banks to get funds. Consequently the money supply increased steeply, and the banks' position fell into the dangerous situation. To sustain the over borrowing condition the reform of the banking system was executed. 3) To rehabilitate the relationships with capitalist countries. Introduction of the single exchange rate of 360 Yen was not enough for that purpose. To make up for the dollar shortage, Japan must expand trade with Southeastearn Asia. But the project of the cooperation with Southeastearn Asia had not much success because of the lack of capital to export to this area.

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Reforms after the end of the W W II were executed by the Big Four. But at the end of the W W I, German people carried out the revolution and established the democratic constitution. Why not this time? The purpose of this article is to point out some main subjective factors of this fundamental difference, which were disregarded up to recently. Hitler and Nazi leaders were the sons of the W W I. Their main target was the "Overcoming of the Defeat" and made their fatherland to world hegemony. They made radical efforts to avoid total war and ward off new revolution. Their desperate efforts had drastically brought forth many discontinuous aspects in the continuity of their Imperialism. As a result, German people was in the state of laming at the end of the war. Big Four declared denazifization, demilitarization, decentralization, and democratization for the common aims of their occupation. But methods of them in the Soviet zone and western zones were quite different and the common spirit in Yalta-Potsdam became weakened quickly. After the six western powers decided to create Weststaat, military governors in the three western zones carried out the currency reform. It was a precondition of the Marshall Plan and economic recovery of western Europe. Along with these drastic changes of the international political framework, German people rehabilitated their subjective positions as far as big powers and European countries could allow.

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This paper elucidates one of the characteristic features of Japanese colonial rule over Korea, focusing on capital flows between the two economies. First, an attempt is made to estimate how much and in what sector capital investments were made from Japan to Korea in each phase of the colonial period. Based on these estimates significant findings include the followings: 1) In the early phase of colonial rule the Government-General took the lead in capital investments from Japan in areas such as railroad construction and the implementation of plans for increasing rice production. However, private direct investments increased rapidly beginning in the 1930s mainly in manufacturing and electric power industry. This process speeded up the transformation of the Koran economy into an integral part of the Japanese one. 2) During the Pacific War the financial institutions of Korea rapidly increased their purchases of securities, most of which were issued by Japanese government. This suggests that the role of financial institutions as principal agents of capital import was now reversed. 3) The increase of both capital inflows and outflows during the war indicates merely the transfer of purchasing power, which was not allowed to be realized by compulsory deposit and investment regulation policies. The result was a reallocation of resouces in Korea for war-related purposes. An attempt is also made to show how Japan could accelerate capital export to her colony. This paper emphasizes the role played by 1) the Korean monetary system, in which her currency was pegged to the Japanese one at an equal rate of exchange and in which the issue of the former is allowed on the basis of the latter, and by 2) the almost total dependence of Korea's trade structure on Japan. These two factors enabled Japan to accelerate capital export to Korea in spite of the shortage of foreign exchange reserves, particularly under the managed currency system. This resulted in expanded equilibrium within the Japanese colonial empire, as long as Japan's productive capacity was expanding. However, when it reached its upper limits during the war, Japan's capital exports under the trade control led to inflation in Korea.

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