JAPAN: SCAPitalism

In Tokyo the rich were madly spending to avoid tomorrow's tax, and the poor were madly striking to pay tomorrow's bills. No one knew what tomorrow's yen might be worth.

The Japanese Government, with the approval of the Supreme Commander of the Allied Powers, increased its efforts to check the mounting inflationary trend. To supplement a stiff war-profits tax ordered by SCAP (Supreme Commander of Allied Forces in the Pacific) last fall, the Government has prescribed a set of anti-inflationary measures which one U.S. correspondent dubbed SCAPitalism: 1) restriction of cash incomes to a monthly maximum of 500 yen...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!