Detroit Banker's Role In Stabilizing Japan Economy Is Outlined
Detroit Banker's Role In Stabilizing Japan's Economy Ls.Outlined
How a Detroit banker helped pull Japan out of a terrific inflation and brought stability to her economy was described yesterday by Jerome B. Cohen of the College of the City of New York before the Far Eastern Association meeting on the campus. 2.122:Core
Balancing the Japanese budget was one of the major contributions of the banker, Joseph M. Dodge, the members were told.
Beside bringing expenditures and revenues into line for the first time in nearly 20 years, Dodge also provided for debt retirement in the budget, Cohen said.
He listed other accomplishments of the banker's policies as establishment of a single exchange rate for the yen and sharp reduction of government subsidies to industries.
"Japan's best future trade prospects are in Asia," Cohen declared. "Anything the United States can do to promote political stability and economic development in other Asian nations thereby raising their living standards and consumption levels - will materially aid Japanese recovery and hasten the day when U. s. aid may be ended." The Association is scheduled to conclude its meetings today.