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Financial revolution in republican China during 1900–37: a survey and a new interpretation

Ma, Debin ORCID: 0000-0002-9604-8724 (2019) Financial revolution in republican China during 1900–37: a survey and a new interpretation. Australian Economic History Review, 59 (3). pp. 242-262. ISSN 0004-8992

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Identification Number: 10.1111/aehr.12173


This paper surveys the phenomenal transformation of banking and finance, public debt, and monetary regimes during 1900–37, a period of great political instability in Chinese history. To understand why growth in these strategic sectors occurred, I highlight the role of the institutional nexus of Western treaty ports (with Shanghai being the most important) and China Maritime Customs service, a relatively autonomous tax bureaucracy. My new interpretation on the importance of this mechanism sheds new light on the role of Chinese political institutions, the impact of the West and the ongoing Great Divergence debate.

Item Type: Article
Additional Information: © 2019 Economic History Society of Australia and New Zealand and John Wiley & Sons Australia, Ltd
Divisions: Economic History
Subjects: H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
JEL classification: N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N15 - Asia including Middle East
N - Economic History > N2 - Financial Markets and Institutions > N25 - Asia including Middle East
N - Economic History > N4 - Government, War, Law, and Regulation > N45 - Asia including Middle East
E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System
Date Deposited: 26 Mar 2019 12:51
Last Modified: 20 Oct 2021 02:37

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