20140127-Standard Chartered-China–Masterclass Silver, revolution and the Qing

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2、GlobalResearch

3、27January2014China–Masterclass:Silver,revolutionandtheQingQingChinaimporteditsmoneyandhadnomonetaryauthority,butby1750itseconomywasglobalisedEconomiccrisishitwhenmassivesilverimportsreversedin1810-50,andthemonetarybasecontractedChina’seconomyhasmaturedmuchsince,butithasstillnotga

4、inedindependentmonetarypolicyDespitescepticismaboutfiatcurrenciesinChinatoday,re-peggingcurrenciestometalsisabadideaFormostofitslonghistory,Chinahasnotcontrolleditsownmoney.GovernmentsStephenGreen+85239838556Stephen.Green@sc.comelsewherealsohadlimitedunderstandingof,andcontrolover,themoneythatcirc

5、ulatedintheireconomies.Butbeforethe20thcentury,China’sabilitytomanageitsownmoneysupplywasevenweakerthanotherlargecountries’.Themainreasonwasthatthecountry’smoneysupplywasdeterminedbyhowmuchsilverforeignerswerediggingoutofthegroundmanythousandsofmilesawayinLatinAmerica.Fromtheearly17thcentury,theebb

6、sandflowsoftheglobalsilvertradewashedacrossChina,bringingwavesofinflationanddeflation,boomandbust.Tomakemattersworse,China’semperorshadahabitofdevaluingthefewcurrenciestheydidattempttoissuethemselves,meaningthatforeignspecie(metalcoin)remainedthemostpopularstoreofvalue.Thisrelianceonothers’silvermi

7、neswasmostacuteintheearlymodernera,fromtheearly1700sonwards.China’seconomyglobalisedrapidlyinthe18thcenturyasthecountry’sagriculturalandmanufacturedgoods(silk,teaandporcelain)floodedthegrowing,newlyconsumeristmarketsofEurope.Forpayment,Chinademandedsilver–andlotsofit.SilverwasChina’smaincurrencydur

8、ingthisperiod,alongsidebronzecoin,andastheeconomygrew,moremoneywasdemanded.Butinthemid-19thcentury,importsofsilverfromLatinAmericadriedup,globaldemandforChina’sexportssank,andChina’sopiumimportsboomed.SilverfloodedoutofChinaandthedomesticeconomynosedived.Theauthoritiesbarelyunderstoodwhatwasgoingon

9、,andcertainlyhadnotoolswithwhichtorespondeffectively.TheQingstateflirtedwithcollapseassocialinstabilitysetin.Withthehelpofrenewedsilverinflowsinthe1850s,itrecoveredafragilecomposurethatwouldlastintotheearly