The Rise and Demise of Paper Money in Imperial China

Fiscal Innovation, Market Growth, and Monetary Transitions, c.1000-1500

Häftad, Engelska, 2026

579 kr

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The invention of paper currency marked a watershed in global financial history. In this deeply researched study, Richard von Glahn explains why paper money first arose in China rather than any other part of the world - and why it ultimately failed. Although paper money achieved notable success during the Song and Yuan dynasties, it collapsed under the very different principles of political economy adopted by the Ming. In the first English-language examination of the rise and demise of paper money, von Glahn argues that the answer lies in China's unique monetary system and political economy, introducing readers to the eleventh-century origins of paper money in China, the principles of Chinese monetary theory, China's bronze coin monetary standard and specific forms of fiscal governance. This is not only an essential introduction to Chinese monetary history, but a major contribution to global economic history.

Produktinformation

Utgivningsdatum2026-08-31
Vikt250 g
FormatHäftad
SpråkEngelska
Antal sidor422
FörlagCambridge University Press
ISBN9781009699457

Tillhör följande kategorier

Makroekonomi inom Ekonomi och Ledarskap
Ekonomisk politik inom Ekonomi och Ledarskap
Ekonomisk historia inom Ekonomi och Ledarskap
Asiens historia inom Historia och arkeologi

Introduction; Part I. Theoretical and Institutional Antecedents: 1. Classical Chinese monetary theory and the foundations of fiat currency; 2. Debt, contracts, and financial transactions; 3. Negotiable bills in the Tang-Northern Song era. Part II. Invention of Paper Money in Song China: 4. Northern Song monetary policy and the advent of Jiaozi paper currency; 5. Formation of multiple currency regions in the Song ecumene; 6. Emergence of a paper currency monetary standard; 7. Visualizing paper money; Part III. Transition to the silver economy: 8. The Yuan paper currency regime and the transition to the silver standard; 9. Triumph of the silver economy in the Ming period; Conclusion.

'Von Glahn's valuable new book brings not only clarity and first-rate scholarship to the study of Chinese paper money, but also boldness, imagination and sensitivity. He offers a masterclass in monetary history, showing how it illuminates the nature of the Chinese state and economy, and demonstrating how paper money invites productive comparisons between widely separated geographical regions. A splendid book.' Rory Naismith, University of Cambridge