The discourses on salt and iron took place behind a tumultuous background. The previous ruler, Emperor Wu of Han, had undertaken a drastic change in policy compared to his predecessors. Reversing their laissez-faire policy at home and policy of appeasement of the Xiongnu abroad, he nationalized coinage, salt, and iron in order to pay for his massive campaigns against the Xiongnu confederacy, which posed a threat to the Chinese empire and a limitation to its expansion. Although Wu was successful in his campaigns, his policies bankrupted many merchants and industrialists, led to widespread dissatisfaction, and even revolts against imperial authority. After his death, the regent Huo Guang called a court conference to discuss whether to continue Wu's policies.