By Niv Horesh
Expertly navigating basic resources in a number of languages and throughout 3 millennia, Niv Horesh explores the trajectory of chinese language forex from the start of coinage to the present international monetary trouble. His narrative highlights the best way that chinese language funds constructed relating to the currencies of alternative nations, paying exact recognition to the origins of paper funds; the connection among the West's ascendancy and its mineral riches; the linkages among pre-modern finance and political financial system; and searching forward to the prospective globalization of the RMB, the forex of the People's Republic of China. This research casts new gentle at the legacy of China's economic system either retrospectively and at present—when China's worldwide impression looms large.
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Extra info for Chinese Money in Global Context: Historic Junctures Between 600 BCE and 2012
Active adoption of foreign (Central Eurasian steppe) customs in the fourth century BCE is recorded in Chinese preimperial records and confirmed by recent archaeological findings across Eurasia. In essence, therefore, this chapter questions the endogeneity of Chinese premodern round coinage with Lacouperie’s improbable claim serving as a point of entry. The remaining sections are framed with a view toward testing argument and counterarguments to that effect. The second section will briefly chart the key characteristics of China’s Bronze Age and the transition to iron casting there; the third section critiques A Common Origin for Coinage?
Many mines gradually became the property of the Roman state but—somewhat contrary to the overall Chinese pattern—cities and private individuals continued to own and operate large-scale mines. 40 Publicani consisted of socii (partners), who put up the capital and were governed by one or more magistri, who bought the contract. By the late republic, they acted as bankers to the state, and their messengers would transport mail for officials and important private individuals. 41 It would be difficult to find in imperial Chinese history a parallel to the role played by publicani in the Roman polity either in the mining sector or as tax collectors for the state.
26 Yet, for all its distinctiveness, this premodern child–mother discourse on coin multiplicity cannot overshadow another deep vein in ancient Chinese statecraft, which affirms the singularity of the state as the provenance of money. To be sure, this vein is much more emphatically reflected in the first-century BCE classic, the Yantielun (“Discourses on the Salt and Iron Monopolies”) than in the Guanzi (“The Book of Master Guan”), compiled around the same time. Nevertheless, A Common Origin for Coinage?