Myth and Reality of China's Seventeenth-Century Monetary Crisis

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1、EconomicHistoryAssociationMythandRealityofChina'sSeventeenth-CenturyMonetaryCrisisAuthor(s):RichardvonGlahnReviewedwork(s):Source:TheJournalofEconomicHistory,Vol.56,No.2,PapersPresentedattheFifty-FifthAnnualMeetingoftheEconomicHistoryAssociation(Jun.,1996),pp.429-454Publishedby:CambridgeUniversityPr

2、essonbehalfoftheEconomicHistoryAssociationStableURL:http://www.jstor.org/stable/2123972.Accessed:21/06/201202:40YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,

3、researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.CambridgeUniversityPressandEconomicHistoryAssociationarec

4、ollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheJournalofEconomicHistory.http://www.jstor.orgMythandRealityofChina'sSeventeenth-CenturyMonetaryCrisisRICHARDVONGLAHNTheimpactofChina'sdemandforsilveronglobaltradeinspecieandmonetarymetalsduringthesixteenthandseventeenthcenturiesremainspoorl

5、yunderstood.Conventionalwisdompostulatesthatseventeenth-centuryChinabecamesodepen-dentonforeignsilvertosustaindomesticeconomicgrowththatasharpfallinsilverimportsinthe1640sledtothefalloftheMingdynastyin1644.Thishypothesisrestsondubioustheoreticalandempiricalgrounds.ThedemandforsilverinChinawasdetermi

6、nedbylong-termchangesinindigenousdemandformoneyratherthanshort-termfluctuationsintheflowofsilverimports.Duringthesixteenthcenturythefirsttrulyglobaleconomycameintobeing.Spain'splunderofPeruandMexicounleashedtorrentsofgoldandsilverthatcascadedaroundtheglobe,joiningtogether,howeverimperfectly,itsdispa

7、rateeconomies.Theeconomicsignificanceofthemassiveimportationof"Americantreasure"intotheEuropeaneconomyduringthesixteenthandseventeenthcenturiesremainsoneofthemostenduringcontroversiesinthehistoryofear