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Modeled after the Soviet propaganda magazine SSSR na stroike (›USSR in Construction‹, published 1930–1941, 1949), the Japanese overseas propaganda photo magazine FRONT (1942–1945) provided visual propaganda for the so-called ›Greater East Asia Co-Prosperity Sphere‹, a concept that was proclaimed in 1940 and served to disguise Japan’s quest for hegemony in Asia. Employing the aesthetics of Russian Constructivism and Socialist Realism of SSSR na stroike, FRONT created a visual aesthetic that could be termed Japanese Co-Prosperity Realism. Its dynamic and modernistic design was a transculturally inspired practice by Japanese photographers, graphic designers, journalists and producers of visual media, some of whom had been left-wing intellectuals or had lived and worked in the Soviet Union. In a comparative perspective, this paper carves out the political, cultural and gendered semantics of the (in)visibility of power, political religion and ethnic diversity that such aesthetics entailed. It explores some of the shifting backgrounds against which photographic techniques were enacted, from their avant-garde beginnings to their application in authoritarian regimes.
Milton Friedman hung up the phone in disgruntlement. The most influential economist of the postwar era had just called three different banks, one in Chicago and then two in New York, in order to initiate a financial transaction. He wanted to sell short $300,000 in pound sterling. Short selling is a technique for speculating on falling prices. Initially, speculators can only speculate on rising prices: they buy something and hope that it gains value, so that they can sell it at a profit. If the price for this asset goes down instead, the speculator incurs a loss when he resells it. So in order to profit from falling prices, speculators need to sell first and buy later – which is indeed possible if what is sold now is in fact only to be delivered a few weeks later. If the speculator is right and prices fall in the interim, he can buy cheap just before delivery is due and thus profit from having already sold what, at the time, he had not yet owned.