European University Institute Library

The rise and fall of a public debt market in 16th-century China, the story of the Ming salt certificate, by Wing-kin Puk

eng

Includes bibliographical references and index

index present

non fiction

The rise and fall of a public debt market in 16th-century China

bibliography

936302771

by Wing-kin Puk

Monies, markets, and finance in East Asia, 1600-1900, 8

the story of the Ming salt certificate

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.--, Provided by Publisher

Acknowledgements -- Abbreviations -- Introduction -- The early Ming -- Grain, salt, and silver -- The lianghuai salt syndicate -- Salt merchants in Yangzhou : migration and social mobility -- Salt syndicate and salt merchants -- The huaitang Chengs in Lianghuai -- The chengs in the Lianghuai salt gazetteer -- Zhang Lin and the Changlu salt monopoly -- Continuity and change -- Conclusion -- Bibliography -- Primary sources -- Other works -- Index