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The rise and fall of a public debt market in 16th-century China : the story of the Ming salt certificate

Author: Wing Kin Puk
Publisher: Leiden ; Boston : Brill, [2016]
Series: Monies, markets, and finance in East Asia, 1600-1900, v. 8.
Edition/Format:   Print book : EnglishView all editions and formats
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.  Read more...
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Genre/Form: History
Additional Physical Format: (GyWOH)har165002168
Document Type: Book
All Authors / Contributors: Wing Kin Puk
ISBN: 9789004305731 9004305734
OCLC Number: 936302771
Description: vi, 202 pages : illustrations ; 25 cm.
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.
Series Title: Monies, markets, and finance in East Asia, 1600-1900, v. 8.
Responsibility: by Wing-kin Puk.

Abstract:

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.--

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