The rise and fall of a public debt market in 16th-century China
Subtitle: the story of the Ming salt certificate
By: by Wing-kin Puk
Series: Monies, markets, and finance in East Asia, 1600-1900 -- 8
Publisher: Brill
Published: 2016
Place of publication: Boston
Language: eng
Number of pages: 202
ISBN-13: 9789004305731; 9789004306400
Subjects: Salt industry and trade; Public Debts; Politics and government; Economic conditions; History
Description: During the Ming dynasty (1368-1644), the government invited merchants to deliver grain in return for salt certificates with which merchants drew salt as reward. The salt certificate therefore represented a national debt, denominated in salt, the government thereby owed merchants. A speculative market of salt certificates was created in Yangzhou and brought into being powerful financiers in the early 17th century. The government, financially hard pressed, abolished the speculative market of salt certificates by franchising these financiers in return for their hereditary obligation to pay salt certificate surcharge. China was therefore deprived of a possibility to develop a public debt market. This story is a testimony to Fernand Braudel's argument of the "nondevelopment" of Capitalism in China.--
Notes: Includes bibliographical references and index.
Table of contents: title: Acknowledgements; title: Abbreviations; title: Introduction; title: The early Ming; title: Grain, salt, and silver; title: The lianghuai salt syndicate; title: Salt merchants in Yangzhou : migration and social mobility; title: Salt syndicate and salt merchants; title: The huaitang Chengs in Lianghuai; title: The chengs in the Lianghuai salt gazetteer; title: Zhang Lin and the Changlu salt monopoly; title: Continuity and change; title: Conclusion; title: Bibliography; title: Primary sources; title: Other works; title: Index.