本論文以主權、金融、安全與菁英權力的整合性分析為核心，探討日本自十九世紀後期至冷戰後時期的現代政治與經濟發展歷程。本文挑戰將日本的現代化、戰後復興與民主鞏固視為源於自主國家選擇或單純內生制度演化的主流敘事，主張日本的歷史軌跡應理解為一種「被管理的主權」狀態：在形式上維持獨立，但在結構上長期受到國際權力關係所制約。

研究顯示，自晚期德川時代以來，日本的轉型始終發生於一個軍事力量、金融資本與法律權威已高度跨國化的國際體系之中。無論是明治維新、戰時動員，或戰後重建，關鍵的政治與經濟結果皆受到外來干預、國際金融力量，以及連結國內行動者與外國戰略與金融利益之菁英網絡所中介。這些安排一方面促成國家整合、工業擴張與社會穩定，另一方面卻限制了民主問責與政策自主性。

本論文的核心論點之一，在於指出日本的菁英統治並非奠基於大眾合法性，而是透過制度設計與跨國結盟得以穩定維繫。軍事、財政與官僚體系被刻意建構為隔絕群眾政治的制度架構，使少數菁英得以在維持憲政形式的同時，與外部強權進行協調與合作。戰後的安全安排與經濟制度進一步鞏固了此一模式，將佔領時期的權力轉化為長期存在的法律、金融與行政制約，即使在形式主權恢復之後仍持續發揮作用。

此外，本文強調貨幣權力在日本政治經濟中的關鍵地位。研究指出，對信用創造與金融流動的控制，比形式上的政治權威更具決定性地影響日本的成長、危機與停滯。透過將貨幣制度隔離於民主監督之外，並嵌入國際金融體系之中，經濟治理被實質上移轉出公共控制範圍，從而同時強化了國內菁英權力與對外依賴。

綜合而言，本論文重新詮釋日本為一個「依賴型繁榮」的典型案例：其經濟成長、政治穩定與社會秩序並非在外部制約之下勉力實現，而正是透過這些制約得以達成。更廣泛而言，本研究揭示了一種不依賴正式殖民統治的現代霸權形式，其運作基礎在於法律架構、貨幣體系、安全安排與菁英協調，並為重新思考當代國際秩序中的主權、民主與權力關係提供理論框架。

This dissertation examines Japan’s modern political and economic development from the late nineteenth century to the post–Cold War period through an integrated analysis of sovereignty, finance, security, and elite power. It challenges prevailing narratives that portray Japan’s modernization, postwar recovery, and democratic consolidation as the outcome of autonomous national choice or purely domestic institutional evolution. Instead, the study argues that Japan’s trajectory was shaped by a persistent condition of managed sovereignty, in which formal independence coexisted with deep structural constraints imposed through international power relations.

The analysis demonstrates that Japan’s transformation from the late Tokugawa period onward unfolded within an international system where military power, financial capital, and legal authority were already transnationally organized. From the Meiji Restoration to postwar reconstruction, key political and economic outcomes were mediated by external intervention, international finance, and elite networks that linked domestic actors to foreign strategic and financial interests. These arrangements enabled state consolidation, industrial expansion, and social stability while simultaneously limiting democratic accountability and policy autonomy.

Central to the dissertation is the argument that elite dominance in Japan was stabilized not through popular legitimacy but through institutional design and transnational alignment. Military, fiscal, and bureaucratic institutions were structured to insulate decision-making from mass politics, allowing narrowly constituted elites to coordinate with external powers while maintaining the appearance of constitutional governance. Postwar security arrangements and economic institutions further embedded this pattern, translating occupation authority into durable legal, financial, and administrative constraints that persisted long after formal sovereignty was restored.

The study also highlights the central role of monetary power. It shows that control over credit creation and financial flows proved more consequential than formal political authority in shaping Japan’s growth, crisis, and stagnation. By insulating monetary institutions from democratic oversight and embedding them within international financial systems, economic governance was effectively removed from popular control, reinforcing both domestic elite authority and external dependency.

Taken together, the dissertation reconceptualizes Japan as a paradigmatic case of dependent prosperity: a state that achieved remarkable economic growth, political stability, and social order not despite external constraint, but through it. More broadly, the findings illuminate a form of modern hegemony that operates without formal empire, relying instead on legal frameworks, monetary systems, security arrangements, and elite coordination. In doing so, the study offers a framework for rethinking sovereignty, democracy, and power in the contemporary international order.

Table of Contents
Preface	i
Tables	ix
Figures	x
List of Abbreviations	xii
List of Japanese Names	xvi
Introduction	1
Chapter 1 Pre-Meiji National Development in Fiscal, Financial and Monetary Dimensions	10
Section 1 The Way to the Meiji Restoration	11
Section 2 Britain’s Role in the Meiji Restoration	34
Section 3 International Capitalists and Ernest Satow Behind Satsuma–Chōshū (薩摩長州同盟)	37
Conclusion	45
Chapter 2 Financial State Building During Meiji Era	47
Section 1 Finance and the Meiji State	48
Section 2 Banking and the Meiji State	57
Section 3 Geopolitical Events and Financial Implications for Japan	72
Conclusion	97
Chapter 3 U.S. Strategic Dominance and the Formation of Japan’s Military Policy	101
Section 1  1941-1951: The War and the Occupation	102
Section 2  1951-1960: The Original Security Treaty	121
Section 3  After 1960: Revised Security Treaty	137
Section 4 Staring into the Future	150
Conclusion	155
Chapter 4 The Wall Street’s Reconstruction of Japan	158
Section 1 Wall-Street – Zaibatsu (財閥) Nexus	159
Section 2 Wall-Street’s Way of Reconstructing the Zaibatsu (財閥)	165
Section 3 Designing Dependency through Fiscal Policy	171
Conclusion	180
Chapter 5 Legal and Informal Mechanisms of Control	182
Section 1 Legal Mechanisms of Control	183
Section 2 Informal and Non-Legal Mechanisms of Control	218
Section 3 State of Japanese Economy under US Dominance – Case of Early 1950’s	228
Conclusion	238
Chapter 6 How a Reincarnated Zaibatsu (財閥) Infiltrated the Japanese Government	240
Section 1 The Origin and the Evolution of Zaibatsu (財閥)	241
Section 2 Evolution of Zaikai (財界) Influence in Politics	245
Section 3 Electoral Reforms	262
Conclusion	268
Chapter 7 Characteristics of Japanese Economic System	270
Section 1 Characteristics  of Japan’s Prewar Economy	273
Section 2 The U.S. Occupation and the Myth of “Democratization”	285
Section 3 Post-Occupation Cartels and Market-Share Competition	288
Conclusion	293
Chapter 8 The Bank of Japan as the Engine of the Economy: Credit Creation	298
Section 1 The Power to Create Money – Banks’ Power over Economic Growth	299
Section 2 Inside the Bank of Japan - Power and Networks	319
Section 3 Concealing Credit Creation - Information Management from the Public	325
Conclusion	328
Chapter 9 The Bubble as a Political Tool - The BOJ’s Pursuit of Institutional Independence	332
Section 1 Interpreting Central Bank Independence: The BOJ’s Institutional Logic	333
Section 2 From the Occupation to the Bubble Economy	344
Section 3 The Collapse and the Lost Decade	361
Conclusion	394
Conclusion	399
Bibliography	404
Appendix	416


Tables

Table 1-1  Power Shifts from the Shogunate to the Anti-Shogunate	34
Table 3-1  Three Layers of Japan's Security Structure	102
Table 3-2  RST Committees	145
Table 5-1 Summary of Counterpart Funds	188
Table 5-2 Main Privileges Granted to the United States (1953 Treaty of Friendship, Commerce and Navigation)	203
Table 5-3 Mutual Security Assistance (1954-Present)	206
Table 5-4 1960 Japan-U.S. Security Treaty	211
Table 5-5 Special Account System	218
Table 6-1 1961-1964 First Rincho (臨調)	247
Table 6-2 1981–1983 Second Rincho (臨調)	249
Table 6-3 1990–1993  Third Administrative Reform Council (第三次行革審)	252
Table 7-1  Continuity between wartime Control Associations and postwar Business Association	286
Table 8-1  Credit Creation and Banking	319


Figures

Figure 1-1  US Shipping Route to Asia	15
Figure 1-2 Black Ship in the Eyes of Japanese	16
Figure 1-3 Tempo Koban	18
Figure 1-4 Protagonists of Meiji Restoration	21
Figure 1-5 Conflicts between Foreign Powers and Japan	22
Figure 1-6 Foreign Powers behind Japanese Actors	35
Figure 2-1 BOJ's Emblem vs. Japanese Emblems	69
Figure 2-2 BOJ's "Eyeball"	70
Figure 2-3 Breakdown of Democracy	98
Figure 3-1 Major Events 1941-1951	121
Figure 3-2. US Deployment Area without Borders	125
Figure 3-3. Secret Verbal Agreement on Unified Command	132
Figure 3-4  Major Events 1951-1954	137
Figure 3-5  Disempowerment of Japanese Constitution by Sunagawa Ruling	141
Figure 3-6  Mechanism of the Revised Security Treaty	143
Figure 3-7  Yokota (横田) Airspace	148
Figure 3-8 Iwakuni (岩国) Airspace (Western Japan)	149
Figure 3-9  Major Events 1959-1960	150
Figure 3-10 Structure of Japanese Defense System	156
Figure 4-1 Wall-Street's Revival of Zaibatsu (財閥)	168
Figure 5-1 Legal Structure of US Influence on Japanese Economy	184
Figure 5-2 Japanese Banking Hierarchy in 1953	185
Figure 5-3 Investment and Loan Program Special Account	212
Figure 5-4 American Influence over Japanese Corporations and Politics	239
Figure 6-1 Reallocation of Authority from Ministries to the Prime Minister	260
Figure 6-2 LDP Factions Weakened, Disciplined under Prime Minister (LDP Leader)	267
Figure 7-1 Creation of Japan's State-Controlled Economy	278
Figure 7-2 State-Guided Capitalism without Capitalists	281
Figure 7-3 Japan's Main Bank System	282
Figure 7-4 Mechanism of Japan's Wartime State-Guided Economy	284
Figure 7-5 Japan's Wartime Mobilized Economy in Postwar	290
Figure 8-1 Textbook Explanation of "Credit Creation"	301
Figure 8-2 Actual Mechanism of "Credit Creation"	302
Figure 8-3  Essence of Credit Creation	302
Figure 8-4 Credit Creation	302
Figure 8-5 Japan's Postwar Economic Growth and the Money Supply	306
Figure 8-6 The Mystery of Japan’s 1990s Recession	308
Figure 8-7 Japan's GDP Growth Rate 1960-2024	310
Figure 8-8 Money Supply and Transactions	314
Figure 8-9 Japan's Private and Government Demand	318
Figure 9-1 Alignment with US Geopolitical Strategy	343
Figure 9-2 Bank Lending to the Real Estate Sector and Land Prices	365
Figure 9-3 Japanese net long-term capital outflows and bank's real estate loans	366
Figure 9-4 Bank of Japan Credit Creation	371
Figure 9-5 Yen/U.S.$ Rate and U.S.-Japan Interest Differential	375
Figure 9-6 Relative Credit Creation by Federal Reserve and Bank of Japan (Fed-BOJ LLI) and the Yen/U.S.$ Rate	377
Figure 9-7 Credit Creation by Bank of Japan and Federal Reserve	378
Figure 9-8 Bank of Japan Window Guidance and Actual Bank Lending Three Months Later	381

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