To prevent Japan from sliding into the Great Depression Korekiyo Takahashi, a veteran Finance Minister who resumed office in December 1931 initiated a series of macroeconomic stimulus measures with the objective of revamping the ailing Japanese economy. The Japanese economic greatly depended on the exportation of its goods to finance its internal projects, importation of raw materiais and essential fuels. The depression was worldwide and so exports such as expensive Japanese silks fell by half thereby inhibiting the Japanese economy.
Takahashi there for concluded that measures had to be taken to ensure easier exchange rate conditions, better fiscal policies by lowering tariffs and monetary policies by devaluing the currency to attract investors was a way out.
Washington Gladden's ideas would most closely be tied to the period in U.S. history that begins just after the Civil War and leads into Reconstruction.
