By Richard von Glahn
"A vintage. All next paintings in parts regarding chinese language financial historical past will easily need to keep on with in von Glahn's footsteps."—Dennis O. Flynn, writer of Born with a "Silver Spoon"
"An vital examine of a little-researched and maddeningly advanced subject. It displays an extraordinary mix of strengths in financial concept, extra normal social and monetary historical past, and a powerful command of hard-to-find fabrics in either chinese language and Japanese."—Kenneth Pomeranz, writer of The Making of a Hinterland
"A interesting tale of the origins and improvement of the Wutong cult and the demonic in chinese language faith. From the Shang Dynasty all the way down to past due imperial instances, Von Glahn lays earlier than us an attractive wealth of information and never-before awarded data."—Steve Bokenkamp, Indiana collage, and writer of Early Daoist Scriptures
"No different author has explored where of the sinister in chinese language faith in this type of considerate and nuanced approach. a great, gracefully written research masking significant issues of the track via Ming periods."—Patricia Ebrey, writer of the interior Quarters: Marriage and the Lives of chinese language ladies within the Sung interval
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Additional resources for Fountain of Fortune: Money and Monetary Policy in China, 1000-1700
The prince who can balance the exchange values of grain, currency, and gold is capable of restoring order to the empire. " 49 Given the crucial role of money not just in determining the price level but also in fostering production, it is small wonder that Pseudo-Guanzi insisted that the sovereign authority to issue currency must be restricted to the ruler alone. This was a lesson not lost on contemporaries who harbored ambitions of establishing unified rule over the Chinese ecumene. D. 9), the era in which the Guanzi assumed its present form, a synthesis of monetary 34 I Classical Chinese Monetary Analysis doctrines emerged that shaped the course of monetary policies throughout subsequent dynasties.
The ruler's coin rapidly superseded other forms of money; although the guarantee of value represented by the ruler's mark was by no means inviolable, the sovereign authority of the ruler dwarfed the credibility of any private agents. We should also keep in mind that money as a means of state payments is logically distinct from its function as a means of exchange. Indeed, as Weber noted, ancient rulers collected tribute and other forms of payment long before a market and the use of money as a means of exchange emerged.
34 I Classical Chinese Monetary Analysis By late imperial times, the Guanzi version of the origin of money prevailed over catallactic theories. It was given pride of place in all major historical surveys of government institutions. 35 The Ming statecraft scholar Qiujun (1420-95) began his treatise on money by invoking the passage from Guanzi cited above, adding his own commentary rejecting the alternative premise that the purpose behind the invention of money was simply to facilitate trade. 36 Instead, Qiu emphasized the importance of money and trade as means to relieve the suffering of the people in times of distress.