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Author: Jin Xu
Publisher: Yale University Press
ISBN: 0300258275
Category : History
Languages : en
Pages : 385
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Book Description
A thousand-year history of how China’s obsession with silver influenced the country’s financial well-being, global standing, and political stability This revelatory account of the ways silver shaped Chinese history shows how an obsession with “white metal” held China back from financial modernization. First used as currency during the Song dynasty in around 900 CE, silver gradually became central to China’s economic framework and was officially monetized in the middle of the Ming dynasty during the sixteenth century. However, due to the early adoption of paper money in China, silver was not formed into coins but became a cumbersome “weighing currency,” for which ingots had to be constantly examined for weight and purity—an unwieldy practice that lasted for centuries. While China’s interest in silver spurred new avenues of trade and helped increase the country’s global economic footprint, Jin Xu argues that, in the long run, silver played a key role in the struggles and entanglements that led to the decline of the Chinese empire.
Author: Jin Xu
Publisher: Yale University Press
ISBN: 0300258275
Category : History
Languages : en
Pages : 385
Get Book Here
Book Description
A thousand-year history of how China’s obsession with silver influenced the country’s financial well-being, global standing, and political stability This revelatory account of the ways silver shaped Chinese history shows how an obsession with “white metal” held China back from financial modernization. First used as currency during the Song dynasty in around 900 CE, silver gradually became central to China’s economic framework and was officially monetized in the middle of the Ming dynasty during the sixteenth century. However, due to the early adoption of paper money in China, silver was not formed into coins but became a cumbersome “weighing currency,” for which ingots had to be constantly examined for weight and purity—an unwieldy practice that lasted for centuries. While China’s interest in silver spurred new avenues of trade and helped increase the country’s global economic footprint, Jin Xu argues that, in the long run, silver played a key role in the struggles and entanglements that led to the decline of the Chinese empire.
Author: Richard von Glahn
Publisher: Univ of California Press
ISBN: 0520917456
Category : History
Languages : en
Pages : 322
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Book Description
The most striking feature of Wutong, the preeminent God of Wealth in late imperial China, was the deity’s diabolical character. Wutong was perceived not as a heroic figure or paragon but rather as an embodiment of greed and lust, a maleficent demon who preyed on the weak and vulnerable. In The Sinister Way, Richard von Glahn examines the emergence and evolution of the Wutong cult within the larger framework of the historical development of Chinese popular or vernacular religion—as opposed to institutional religions such as Buddhism or Daoism. Von Glahn’s study, spanning three millennia, gives due recognition to the morally ambivalent and demonic aspects of divine power within the common Chinese religious culture. Surveying Chinese religion from 1000 BCE to the beginning of the twentieth century, The Sinister Way views the Wutong cult as by no means an aberration. In Von Glahn’s work we see how, from earliest times, the Chinese imagined an enchanted world populated by fiendish fairies and goblins, ancient stones and trees that spring suddenly to life, ghosts of the unshriven dead, and the blood-eating spirits of the mountains and forests. From earliest times, too, we find in Chinese religious culture an abiding tension between two fundamental orientations: on one hand, belief in the power of sacrifice and exorcism to win blessings and avert calamity through direct appeal to a multitude of gods; on the other, faith in an all-encompassing moral equilibrium inhering in the cosmos.
Author: Niv Horesh
Publisher: Stanford University Press
ISBN: 0804788545
Category : Business & Economics
Languages : en
Pages : 379
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Book Description
Chinese Money in Global Context: Historic Junctures Between 600 BCE and 2012 offers a groundbreaking interpretation of the Chinese monetary system, charting its evolution by examining key moments in history and placing them in international perspective. Expertly navigating primary sources in multiple languages and across three millennia, Niv Horesh explores the trajectory of Chinese currency from the birth of coinage to the current global financial crisis. His narrative highlights the way that Chinese money developed in relation to the currencies of other countries, paying special attention to the origins of paper money; the relationship between the West's ascendancy and its mineral riches; the linkages between pre-modern finance and political economy; and looking ahead to the possible globalization of the RMB, the currency of the People's Republic of China. This analysis casts new light on the legacy of China's financial system both retrospectively and at present—when China's global influence looms large.
Author: Milton Friedman
Publisher: HMH
ISBN: 0547542224
Category : Business & Economics
Languages : en
Pages : 303
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Book Description
The Nobel Prize–winning economist explains how value is created, and how that affects everything from your paycheck to global markets. In this “lively, enlightening introduction to monetary history” (Kirkus Reviews), one of the leading figures of the Chicago school of economics that rejected the theories of John Maynard Keynes offers a journey through history to illustrate the importance of understanding monetary economics, and how monetary theory can ignite or deepen inflation. With anecdotes revealing the far-reaching consequences of seemingly minor events—for example, how two obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan, and how FDR’s domestic politics helped communism triumph in China—as well as plain-English explanations of what the monetary system in the United States means for your personal finances and for everyone from the small business owner on Main Street to the banker on Wall Street, Money Mischief is an enlightening read from the author of Capitalism and Freedom and Free to Choose, who was called “the most influential economist of the second half of the twentieth century” by the Economist.
Author: Richard von Glahn
Publisher: Cambridge University Press
ISBN: 1316538850
Category : History
Languages : en
Pages :
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Book Description
China's extraordinary rise as an economic powerhouse in the past two decades poses a challenge to many long-held assumptions about the relationship between political institutions and economic development. Economic prosperity also was vitally important to the longevity of the Chinese Empire throughout the preindustrial era. Before the eighteenth century, China's economy shared some of the features, such as highly productive agriculture and sophisticated markets, found in the most advanced regions of Europe. But in many respects, from the central importance of irrigated rice farming to family structure, property rights, the status of merchants, the monetary system, and the imperial state's fiscal and economic policies, China's preindustrial economy diverged from the Western path of development. In this comprehensive but accessible study, Richard von Glahn examines the institutional foundations, continuities and discontinuities in China's economic development over three millennia, from the Bronze Age to the early twentieth century.
Author: Eric Helleiner
Publisher: Cornell University Press
ISBN: 0801454662
Category : Political Science
Languages : en
Pages : 289
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Book Description
As an economic superpower, China has become an increasingly important player in the international monetary system. Its foreign exchange reserves are the largest in the world and its exchange rate policy has become a major subject of international economic diplomacy. The internationalization of the renminbi (RMB) raises critical questions in international policy circles: What kinds of power is China acquiring in international monetary relations? What are the priorities of the Chinese government? What explains its preferences? In The Great Wall of Money, a distinguished group of contributors addresses these questions from distinct perspectives, revealing the extent to which China’s choices, and global monetary affairs, will be shaped by internal political factors and affect world politics. The RMB is a likely competitor for the dollar in the next couple of decades; its emergence as an important international currency would have substantial effects on the balance of power between the United States and China. By illuminating the politics of China’s international monetary relations, this book provides a timely account of the global economy, the role of the renminbi in international relations, and the trajectory of China’s continuing ascendency in the coming decades.
Author: Stephen Bell
Publisher: Harvard University Press
ISBN: 0674073614
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
Author: Niv Horesh
Publisher: Yale University Press
ISBN: 0300143621
Category : Business & Economics
Languages : en
Pages : 255
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Book Description
As China emerges as a global powerhouse, this title examines its economic past and the shaping of its financial institutions.
Author: Paola Subacchi
Publisher: Columbia University Press
ISBN: 0231543263
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
Author: Marlene Amstad
Publisher: Princeton University Press
ISBN: 0691205841
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.
