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Miracle Or Mirage? Foreign Silver, China'S Economy And Globalization From The Sixteenth To The Nineteenth Centuries

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  • Kent G. Deng

Abstract

. Ming–Qing China has been seen as positioned at the very centre of the process of early globalization partly due to China's huge appetite for foreign silver for its own commercialization. The findings of this study challenge this view head on by showing that not only did China not import and use nearly as much foreign silver as commonly imagined, silver moved into and also out of China. It served at best as a secondary currency and often worked on a barter basis. The sector which retained the lion's share was the pawnshop for short‐term credit mainly for consumption.

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  • Kent G. Deng, 2008. "Miracle Or Mirage? Foreign Silver, China'S Economy And Globalization From The Sixteenth To The Nineteenth Centuries," Pacific Economic Review, Wiley Blackwell, vol. 13(3), pages 320-357, August.
    • Handle: RePEc:bla:pacecr:v:13:y:2008:i:3:p:320-357
    DOI: 10.1111/j.1468-0106.2008.00404.x
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    References listed on IDEAS

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    1. O’Brien, Patrick, 2006. "Historiographical traditions and modern imperatives for the restoration of global history," Journal of Global History, Cambridge University Press, vol. 1(1), pages 3-39, March.
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    Cited by:

    1. Deng, Kent & O'Brien, Patrick, 2021. "The Kuznetsian paradigm for the study of modern economic history and the Great Divergence with appendices of literature review and statistical data," Economic History Working Papers 108563, London School of Economics and Political Science, Department of Economic History.
    2. Jacques Melitz, 2019. "Some Doubts about the Economic Analysis of the Flow of Silver to China in 1550–1820," Open Economies Review, Springer, vol. 30(1), pages 105-131, February.
    3. Tuan-Hwee Sng & Chiaki Moriguchi, 2014. "Asia’s little divergence: state capacity in China and Japan before 1850," Journal of Economic Growth, Springer, vol. 19(4), pages 439-470, December.
    4. Hongjun Zhao, 2016. "American Silver Inflow and the Price Revolution in Qing China," Review of Development Economics, Wiley Blackwell, vol. 20(1), pages 294-305, February.
    5. Sng, Tuan-Hwee & Moriguchi, Chiaki, 2013. "Taxation and Public Goods Provision in China and Japan before 1850," PRIMCED Discussion Paper Series 35, Institute of Economic Research, Hitotsubashi University.
    6. Iris Claus & Les Oxley & Kent Deng, 2014. "A Survey Of Recent Research In Chinese Economic History," Journal of Economic Surveys, Wiley Blackwell, vol. 28(4), pages 600-616, September.

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