Chapter 5

Chinese Finance, 1348–1700

R. von Glahn

University of California Los Angeles, Los Angeles, CA, USA


Public and Private Finance in China, 1000–1700

During the Song dynasty (960–1276), China experienced unprecedented economic prosperity. Rapid advances in agricultural productivity, technological innovation in metallurgy, textiles, shipbuilding, and other industries, urbanization, and a vast increase in the money supply – including the creation of the world’s first viable paper money – fostered both quantitative growth in production and the emergence of sophisticated market institutions. ...

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