The aim of this article is to analyze the process of establishing the Bundesbank after the Second World War, in particular, the issues of the central bank's independence and federalism in relation to an argument over economic policy during the period of West Germany's postwar rehabilitaion. At the end of the war, the Reichsbank ceased to exist as a central bank for all of Germany. In the three Western occupational zones, State Central Banks (Landeszentralbanken) were organized for each state and the Bank of German States (Bank deutscher Lander) was founded to act as a coordinating body for them. The majority in the decision-making body of the Bank of German States consisted of the Presidents of the State Central Banks. It was explicitly stated that the bank shall not be subject to the instructions of any political body. At first, however, the Allies retained some control over the Bank. After the Federal Republic had come into existence in 1949, the Finance Minister, F. Schaffer, drafted legislation whereby the Bank of German States was provisionally established as the Bundesbank. He argued in favour of restricting the Bank's independence. At that time, Schaffer wanted an expansive monetary policy in a situation of alarmingly high and rising unemployment. On the other hand, the Minister for the Economy, Prof. Dr. L. Erhard, supported the Bank's independence. He put liberal economic principles at foundation of the social market economy (Soziale Marktwirtschaft) and regarded stabilization of the currency as important. In March 1951, the Allied Bank Commission was abolished. After this supervision of the Bank's activities was removed, and the Bank of German States enjoyed an almost complete independence of the federal government. The independence of the Bank was universally accepted. When the Bank of German States became the Bundesbank in July 1957, the Land State Banks were merged with it. But the structure of decision making was preserved. The Bank's independence met with the wide-spread approval of the West German society that had been disillusioned by the experience of the great inflation of the 1920s and of the Third Reich, and the bank's monetary policy is part of West Germany's economic policy, the social market economy.

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The shipbuilding industry in the GDR was not only estimated to rank first in output of reparations to the U.S.S.R., but was also the industry most structurally influenced by reparations. The prewar shipbuilding industry, with only one medium shipyard on the coast of the Baltic Sea of Mecklenburgs, occupied no more than three percent of the production of the entire shipbuilding industry in Germany. After the War, however, one medium and three big shipyards were newly built in order to build and repair ships for the U.S.S.R. The government of the GDR made the heavier investments in shipbuilding than all other reparation-industries during the first half of 1950's. In order to achieve the production target for reparations, this industry was also far more endowed than other industries in expending raw materials and labor force in the planed economy of the period. As a result, the shipbuilding industry grew more rapidly than all other industries in the GDR during 1945-1955. But this development shows only one side of the shipbuilding industry in those days. Notwithstanding the favorable treatment of the shipbuilding industry, there were many problems in the shipyards; defects in production planning, delayed supplies, the poor quality of materials and lax production management, culminated in the ineffective use of shipyard facilities and sluggish growth of productivity. It is true that the burden of reparations, especially up to the first half of 1950's, was a serious hindrance to the economic recovery of the postwar GDR, but many problems in the production fields, which existed even in "the most rapidly grown industry in 1945-1955" - shipbuilding -, was the more important and determining cause of economic difficulties throughout the history of the GDR.

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The purpose of this paper is to show the process of forming capitalistic order of production in Japanese oil industry, by researching the process of formation and development of the Nippon Oil Company. Then, this paper shows how Japanese company became to compete with the foreign company in the oil market, where the latter was strong. The past research overemphasized the one department of the industry, for example, mining or transporting. But I think that to solve the problem I presented in the beginning, it is necessary to prove the overall process of the oil industry, that is, mining, refining, transporting, and bargening. This paper observes the Nippon Oil Company to understand this overall process. The Nippon Oil Company, which gathered men of property, succeeded in mining by means of machine. And therefore, it was necessary to improve the refining department in quantity and quality in the middle of 1890s. In the late of 1890s, the transportation system was constructed, and the oil products produced in Niigata prefecture began to enter into the Tokyo market. But the rising and falling of the price of the oil products from 1899 to 1900 cleared the inferior products produced by the small-sized refining makers. By this process, the products produced by the Nippon Oil company, which improved the refining department and the bargening department, standed out in the domestic products. Then, the Nippon Oil Company established its own trademark Bat-Mark in the Tokyo market. This situation shows that the domestic products gained the competitive ability in the market. The conclusion is that the modern oil industry in Japan, that is, the capitalistic order of production in Japanese oil industry, was formed by the formation of overall production process in the Nippon Oil Company.

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