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1 IntroductionIn Western (neo-classical/Washington Consensus) macroeconomics, the only way a nation can increase its investment level is by borrowing abroad or by borrowing domestically. So if the economists and the politicians and the media in your country believe in Washington Consensus Economics (WCE) the Foreign Direct Investment (FDI) is a good idea, because it will increase the gross investment level, worker productivity, and tax take and future output of your country.But most of FDI is aimed at producing goods for the West and while that will increase the exports of your country and provide some foreign exchange it is not targeted at improving the living standards of the people in your country. In fact the workers within FDI industries are likely to be paid as little as possible so that the profits of the foreign investor are as high as possible.2 The “Third Way” - Credit Creation at the Central Bank to improve domestic production for domestic goodsWestern-trained economists know nothing about how credit creation at the Central Bank can increase domestic investment. Banks and money are not included in any of their economic models.See Why Western-Trained University Economists Are Almost Completely UselessWhere I say:“Western economists need to recognise the fact that investment credits can appear in the economy as if it were foreign investment, created by the credit-creating activities of the Central Bank. These new credits are better than foreign investment because they are not narrowly focused on investments to provide exported output (as foreign investments usually are). Furthermore, these new funds can help all the industries and SMEs in a country, they do not create ownership by, and a stream of future repayments to, foreigners, and they have generally widespread and helpful economic effects, creating a country of abundant capital as is occurring in all the nations of the Tokyo Consensus and which could happen everywhere if Western and world economists brightened up. (A country of abundant capital is my generalisation of Shinzo Abe’s choice phrase “A Japan of Abundant Capital” as part of his vision for the future of Japan.)The central investment-funding equation of the Shimomura Model of the Japanese economy isIs+Id = S+D (Equation [3.1])Or Is (Investment financed by saving) plus Id (Investment financed by debt) equals Saving (S) plus Debt (D, equal to investment credit created by investment credit at creation at the Bank of Japan).That is, the investment level of Japan is increased by credit creation at the Central Bank of Japan. This equation replaces the classic and central Keynesian Savings-Investment equality with a more useful formula because (if the nation’s banks give a high priority to commercial and industrial investment) the government of a country can increase the nation’s investment level through investment credit creation at the Central Bank. So no-cost investment credit, created by the Bank of Japan, once transmitted through a co-operative banking system to industry, creates vast flows of additional wealth through industrial investment, higher employment and the continually updated production of better goods and services.”Some FDI is the re-creation of colonialism on a financial basis. If a country has (say) oil, it can be persuaded to sell its major assets to foreign finance and it then has to repay the future domestic earnings of that that foreign capital in real resources (like oil exports).For much comment on this subject seeThe Rough Guide To Shimomuran Economics andWHY CHINA FLOURISHES WHILE THE USA DECLINES andShimomuran Economics is the Most Significant Advance Ever Made in Economic Understanding and the……..West still doesn’t get it. AndDr Osamu Shimomura (1910–89) — His Major Achievements andHow to Create an Economic Miracle andUPDATE ON SHIMOMURAN ECONOMICS: THE DAY MAY COME….and my extensions to the DBJ bio of Shimomura atThe Master Economist andHow Long Will The West Lag Behind?And if you are really interested, consider buying my book on this subject atShimomuran Economics and The Rise of The Tokyo ConsensusA brilliant Economics PhD Student once sent me a poem about Shimomura. Here is it:Poem for The Great Shimomurawhere the punch line is“I know it sounds funnyBut we have the power to create money.To savings you just add new money creationA simple modificationOf Keynes’ equation.”As shown above!FDI does increase GDP growth but the major advantages are to foreign investors while home-based investment-earmarked credit creation gives an immense growth, ownership, trading and prosperity advantage to the nations that understand it and practise it.Look at China!!

1 IntroductionI have been asking myself the same kind of question for over four decades, since 6 November 1971, If you Google Dr Osamu Shimomura economist 1910-89 you will see 158 results and if you look at my Quora profile you will discover the following seven books:John C Carrington and George T Edwards, Financing Industrial Investment, 1979.John C Carrington and George Edwards, Reversing Economic Decline, 1981.George T Edwards, How Economic Growth and Inflation Happen, 1984.George T Edwards, The Role of Banks in Economic Development, The Economics of Industrial Resurgence (Foreword by Harold Lever), 1987, and my June 2014 (fifth) bookAnd my sixth book published 2014and a seventh 2014 book part of which deals withBut also deals with the Shimomuran policies which could increase the economic growth rate of the UK.I have been engaged in private research about how economies in general and the the Asian Economies in particular have produced economic miracles from Wang Anshi’s Chinese Prime Minister’s production of the first industrial revolution in 11th century China to the most recent Chinese economic miracle from 1975-now. For an overview of the economic history of most of the economic miracles see my 2017 paper in AcademiaThe Hidden History Of Japan and its Relevance To The Economic Miracles of the Tokyo Consensus Zonewhich deals with the 20th century economic history of this issue, and majors on Shimomuran Macroeconomics.2 My BackgroundI have previously asked In Quora a similar questions to yours atGeorge Tait Edwards's answer to Why do Western economists ignore the writings of Dr Osamu Shimomura who is called "Japan's most influential post war economist"?At present I am pursuing a PhD Degree at the University of Southampton where the central focus of my degree is about the “The integration of Shimomuran Macroeconomics with Wernerian Macroeconomics.”As my Quora profile remarks“I am currently half-way (two academic years out of four) through my PhD degree at the University of Southampton, under the guidance of Professor Richard Werner who has recently become a Professor of Finance at the Fanhai International School of Finance and the China Institute for Finance and Economics, Fudan University, Shanghai.” and“The focus of my research (47 years so far, about another two to three to go) is Shimomuran-Wernerian Macroeconomics.” and“My main ambition is help to place that fresh-to-the-West Macroeconomics as the realistic growth-enhancing inflation-reducing wealth-creating system of understanding which will supplant the failed system of Washington Consensus Macroeconomics everywhere.”A quick guide to my researches is atShimomuran-Wernerian Macroeconomics is responsible for the ascendancy of the Tokyo Consensus Group of Economies (consisting of China, Japan, South Korea and Taiwan)There are about 500 references to Dr Osamu Shimomura the master economist on the internet. About 350 of these are articles authored or co-authored by me. There is a reference to my bumbling lecture at Gresham college on 5 March 2015 at The Curious Case of The Economist the West Forgot - The Life and Times of Dr Osamu Shimomurawhich contains the fronts-piece textand Profesor Richard Werner’s much more accomplished presentation on the same stage ofMany of the hundred or so references on the internet to Dr Osamu Shimomura the economist are one or two or a few one-liners but the best English-language gateway to that master economist has been provided by the late great Japanese-born America-educated Professor Kenneth Kenkichi Kurahara (see Kenneth K. Kurihara - Wikipedia). See my 2013 comment on this atThe Key Relevance of the Writings of Professor Kenneth Kenkichi KuriharaAs I say there,“The interesting insights of Professor Kenneth K. Kurihara’s greatest book “The Growth Potential of the Japanese Economy” (John Hopkins Press Maryland 1971) should have been integrated into Western macro-economic theory by now.” andAnother Keynes was Born and Lived and Died in Japan and The West Didn’t Notice andhttp://londonprogressivejournal.com/article/view/1688/shimomuran-economics-is-the-most-significant-advance-ever-made-in-economic-understanding-and-the-west-still-doesnt-get-ithttp://londonprogressivejournal.com/article/view/1683/western-economic-decline-exists-because-western-economists-and-politicians-have-ignored-shimomuran-economics-how-long-will-the-west-lag-behindAll in all, I cannot agree with you that there is little information about Dr Osamu Shimomura (1910–1989) on the English-speaking internet. There is a vast amount of information, and I put a lot of it there myself.Incidentally, Professor Richard Werner was the first member of the Shimomura Fellowship.And it is necessary for observers become more discriminating. Wikipedia has listed another Dr Osamu Shimomura (1928-now) as a Nobel Prize Winner because of his researches into the phenomenon of bio-luminescence and he is entirely a different person from the investment credit economist of the same name.3 General BackgroundShimomura is a fairly common family name in Japan and I have been told there has been a prominent samurai who was called Shimomura in addition to the Nobel-prize-winning chemist and investigator of green biological luminescence Dr Osamu Shimomura (see Osamu Shimomura - Wikipedia and The Nobel Prize in Chemistry 2008) and of course the master economist Dr Osamu Shimomura (1910–1989).4 Why Dr Osamu Shimomura the Master Economist is not Prominent In The WestThere may be five major reasons why the works of Dr Osamu Shimomura (1910–1989) the Investment Credit Master Economist is not much known in the West; these seem to beThe Japanese hide and do not provide copies of his works which have never been translated into EnglishShimomura was a patriot who wanted only to serve JapanEven when other nations of the Tokyo Consensus Zone adopted Shimomuran Macroeconomics, and the high economic growth “secrets” became known to these economies, they recognised it was to their benefit not to share that high-growth understandingWestern economists were and are smug about the only economics taught in Western universities and had a kind of intellectual racism and not only denied free discussion of Shimomura but threatened several PhD students with ostracism and non-graduation if they continued to show an interest in Shimomura, about whose economics these professors knew nothingThe research of a few economists like Professors Kenneth Kenkichi KurIhara and Kenneth Bieda who produced books about Japanese economic growth failed to have any significant effect on their peers who often could not access Shimomura’s works and failed to see the significance of his works where they were available (eg in the Library of Congress)I have single-mindedly pursued all the references I could find to Dr Osamu Shimomura the master economic since 1971 and as noted above have co-authored two books with John Carrington and written a further five as well as about 350 articles about him. I’ll refer to some of these below.This Answer cannot fully respond to the question because one of my four co-authored papers in my projected PhD at the University of Southampton is about the life and times of Dr Osamu Shimomura.4.1 The Japanese Have Deliberately Tried to Hide Dr Osamu Shimomura (1910–1989} the master economist because his economics lies the root of the economic miracles of the Tokyo Consensus Zone (Japan 1945–1973, South Korea 1960–1980, Tiawan 1965–1985 and China 1975-now) and Japan wants to keep the rest of the world uninformed about the macroeconomics of the Japanese economic miracle and because that’s how Japan created and maintains its trade advantage.4.2 Shimomura was a patriot who wanted only to serve JapanAlthough he was apparently considered (according to Haken Hedberg) for a Nobel Prize in economics during the 1970s Dr Osamu Shimomura seemed to attach little weight to that possibility and his works remained inaccessible (only in Japanese) to the judges.I wrote to Shimomura in 1985 and invited him to attend the Major Projects Meeting in Magdalen College Oxford in 1985 and I received a lovely letter thanking me for the invitation but advising me that his doctors had advised him not to travel outside Japan because of his poor health. He died in 1989.4,3 Even when other nations of the Tokyo Consensus Zone adopted Shimomuran Macroeconomics and the “high-growth secret” just became known to these economies, they recognised that it was not to their benefit to share that high-growth understanding with the West.The other nations adopting Shimomuran economics had no political interest in explaining to Western nations what they were doing. They all suggested that their high growth was due to their particular national policies and not to Shimomuran understandings. All the other three countries of the Tokyo Consensus Zone (South Korea, Taiwan and China) presented their economic miracle as being home-grown. While this is understandable it is not historically accurate.The Chinese Dictionary of economists lists Dr Osamu Shimomura in its summary where he is the only one so prominently identified.The Chinese leaders and economists continually insist the Chinese economic miracle has no transferable factors. That’s not accurate.4.4 Western economists were and are smug about the only economics taught in Western universities and had a kind of intellectual racism Western academics not only denied free discussion of Shimomura but threatened PhD students with ostracism and non-graduation if they continued to show an interest in Shimomura, about whose economics their professors knew nothing. I think one or two of these students may have stopped studying economics, realising the version they were being taught was useless.As the Bank of England remarked.See Common Responses To Shimomuran Economics – George Tait Edwards – Medium4.5 The research of a few economists like Professors Kenneth Kenkichi KurIhara and Kenneth Bieda who produced books on Shimomua failed to have any significant effect on their peers who often could not access his works and failed to see the significance of his works where they were available (eg in the Library of Congress) See Shimomuran Economics and the Rise of Japan and ChinaThere is only one official 2017 Japanese-originated English-Language published book about Dr Osamu Shimomura the economist, and that is this oneThis book tries to bury Shimomura as a postwar economist of minor or no relevance to modern economic understanding. While acknowledging the place of Shimomura in creating the postwar economic miracle of Japan, it continues the Japanese policy of not advising gaijin about how Dr Osamu Shimomura and Prime Minister Hayato Ikeda actually produced Japan’s economic miracle 1960–1970.The WorldCat review of this book is interesting and reads“This book elucidates the economic conditions and policies during the post War Japanese economy from the view point of an influential policy maker. Dr. Osamu Shimomura is one of the most eminent economists in Japan. He entered the Ministry of Finance and played a crucial role in actualizing the High-Growth era from the late 1950s to the early 70s. "The Doubling Income Plan", which is issued by the Ikeda cabinet, originates from him. It should be noted that while most economists held pessimistic view on the future, Shimomura is brave and foresighted. Shimomura's theory is not merely one of the pioneer works in macroeconomics, but also suits the economic conditions of Japan. Shimomura extends the principle of effective demand, which means that his theory includes effects of capital accumulation to production capacity. While one may argue that Harrod (1939) and Domar (1946) have already achieved that, Shimomura's theory centers policy recommendations for sustaining the high economic growth against the productivity growth that would cause excess supply in the market. Succinctly, Shimomura is a Keynesian who believes the vigor in its private sector but recognizes that Japanese economy urgently needs the government's auxiliary macroeconomic policies. This book emphasizes that the rapid Japanese growth owes mainly to affluent entrepreneurship filled in the economy not to the sheer government's planning. Dr. Shimomura's theory endorses our assertion.”That review is more interesting in what it does not say than for what it does. The Japanese economic miracle, as Professor Richard Werner has now proven beyond all logical doubt, was due to government activity, or more precisely the annual amount of Japanese BoJ credit creation is a Granger Causation (HenryII) predictive indicator of subsequent Japanese economic growth. That result is statistically reliable and the denial of any such link in this book is deliberate misdirection.5 A Different ViewpointDuring 2015 a group of PhD students of economics invited me to their university for a discussion about Shimomura the economist.The response of their Professors at this outbreak of dangerous thought was interesting. As reported at 4.4,“Western academics not only denied free discussion of Shimomura but threatened PhD students with ostracism and non-graduation if they continued to show an interest in Shimomura, about whose economics their professors knew nothing.”But one of these students wrote the following poem.5.1 A Poem for The Great ShimomuraOriginally published April 8, 2015 at Poem for The Great Shimomura – George Tait Edwards – Medium“There once was a manWho had a planTo double the income of JapanHe said: “It’ll just take a decade.”And, do not be afraidFor there will be no need for aidNo foreigner to be repaidMilitarily the world we assailedAnd ultimately failedJapan’s glory paledBut, when our technology we upgradeWhen good things here are madeAgain we shall invadeThis time, though, we’ll do it through tradeAnd when the world with our goods is swampedOur victory will be prompt“A decade?” in disbelief they ask,“Not possible, for such a task,requires too much savings.”Oh, how silly their ravings!He said: “Yes, a decade, don’t fret!We’ll do it through debt.”“But, without savings there can be no loans!”One of them moansThey look unimpressedAn explanation they requestTheir economic understanding was clearly deficientFor his great idea insufficientIn the great man’s eyes, a compassionate lookFor their minds, he knew, would be shook“My words you should heedFor savings there is no needI know it sounds funnyBut we have the power to create money.To savings you just add new money creationA simple modificationOf Keynes’ equation.”“Money is but an accounting entryOver debts it is a sentryToday, as before, our banks can make it at willJust like in the past they made many a bank bill.”“And, with some careful assessment,The Bank of Japan could direct investment.Yes, our income can doubleWithout any trouble.”They could not believe their earsDid this man have no fears?“If what you say is true,It is a situation we must rue.We need to destroy such power,Lest it us devour.Japan needs innovation,Not money creation!You forget about inflation.Your plan would ruin our great nation!But, perhaps you just jestOr, more likely, you actually need a restIt seems you have given up on reasonAgainst Japan your plan would be treason!”The man looked with dismayHow could his proposal cause such a fray?But he knew his ideaWas a true panaceaThat he had made the greatest advance ever in economic understandingThat savings were not a prerequisite for lendingWith knowledge their minds he had to equipOn the truth they had to acquire a grip“What you do not knowIs what I to you want to showThat if you but credit directWhere it has a productive effectThere will be more money, yes, but also a bigger productAgainst Japan, there would be no misconductNo inflation would the credit cause…”(silence)And then, overwhelming applause!The great man had revealed them the truthAll economic woes his idea would sootheForever more wealthResources for good care of healthNo unemploymentJust universal enjoymentAn economy not to crises proneThe benefits spread to the Tokyo Consensus ZoneIn short, unstoppable progressAnd never again any distressNow if only in the West people got it, if here this idea held swayOur many problems would also go awayAll we would hear would be a resounding “Hurrah!”If we just accepted the teachings of The Great Shimomura”__________________________________________________________________Due to the common negative responses to Shimomuran economics (see Common Responses To Shimomuran Economics – George Tait Edwards – Medium ) the author wishes to remain anonymous.Also see Dr Osamu Shimomura (1910–89) — His Major Achievements”6 Conclusion There is a great deal of information about Dr Osamu Shimomura (1910–1989) on the internet and in many books. Some of the many internet references mention books covering a small part of that economist’s activity.The macroeconomics of Dr Osamu Shimomura empowers governments to do things that were previously impossible. SeeWhy does George Tait Edwards see Shimomuran-Wernerian macroeconomics as the key understanding in the future of mankind?Because it is.Much more later.