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

Published Leiden ; Boston : Brill, [2016]

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Description 1 online resource (vi, 202 pages) : illustrations Series Monies, markets, and finance in East Asia, 1600-1900 ; volume 8 Monies, markets, and finance in East Asia, 1600-1900 ; v. 8. Contents 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 Summary 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 Bibliography Includes bibliographical references (pages 171-184) and index Notes Print version record Subject Debts, Public -- China -- History -- 16th century Salt industry and trade -- Economic aspects -- China BUSINESS & ECONOMICS -- Public Finance. Debts, Public Economic history Politics and government Salt industry and trade -- Economic aspects SUBJECT China -- Economic conditions -- 16th century China -- Politics and government -- 16th century Subject China Genre/Form History Form Electronic book ISBN 9789004306400 9004306404 9004305734 9789004305731

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