October 22 - Song-Ming: Commercial Revolutions Monetization...

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Song-Ming: Commercial Revolutions - Monetization of economy o Paper money: late 10 th o o Silver: the Single Whip reform (late 16 th c) - o o Specialization - Culture of consumption Song Time - Chinese population doubled Tang Sung Dynasty o Doublefold increase took about 400 years - 200 years – Ming Dynasty doublefold population - Standardized Money o Minted Copper Coins during Iron coins paper money Copper supply insufficient Iron coins are heavy Sichuan Province – first to use paper money Government took right to issue paper money into its own hands Replaced early mediums Mongols – depreciation of their paper money - no backup of precious metals - Rebellion against Mongol rule during 14 th century Ming Dynasty - new paper notes as major medium of exchange - no backup of precious metals at first maritime change dude changed ideas for using paper notes
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This note was uploaded on 02/08/2009 for the course EALAC 2359 taught by Professor Luliu during the Fall '08 term at Columbia.

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October 22 - Song-Ming: Commercial Revolutions Monetization...

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