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The rise and fall of a public debt market in 16th-century China : the story of the Ming salt certificate /
During the Ming dynasty (1368-1644), the government invited merchants to deliver grain in return for salt certificates with which merchants drew salt as reward. The salt certificate therefore represented a national debt, denominated in salt, the government thereby owed merchants. A speculative marke...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Leiden ; Boston :
Brill,
[2016]
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| Colección: | Monies, markets, and finance in East Asia, 1600-1900 ;
v. 8. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | During the Ming dynasty (1368-1644), the government invited merchants to deliver grain in return for salt certificates with which merchants drew salt as reward. The salt certificate therefore represented a national debt, denominated in salt, the government thereby owed merchants. A speculative market of salt certificates was created in Yangzhou and brought into being powerful financiers in the early 17th century. The government, financially hard pressed, abolished the speculative market of salt certificates by franchising these financiers in return for their hereditary obligation to pay salt certificate surcharge. China was therefore deprived of a possibility to develop a public debt market. This story is a testimony to Fernand Braudel's argument of the \'nondevelopment\' of Capitalism in China. |
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| Descripción Física: | 1 online resource (vi, 202 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 171-184) and index. |
| ISBN: | 9789004306400 9004306404 9004305734 9789004305731 |