By Niv Horesh
Expertly navigating basic resources in a number of languages and throughout 3 millennia, Niv Horesh explores the trajectory of chinese language forex from the delivery of coinage to the present worldwide monetary problem. His narrative highlights the way in which that chinese language cash constructed in terms of the currencies of different international locations, paying distinctive recognition to the origins of paper cash; the connection among the West's ascendancy and its mineral riches; the linkages among pre-modern finance and political economic system; and looking out forward to the potential globalization of the RMB, the forex of the People's Republic of China. This research casts new gentle at the legacy of China's economic system either retrospectively and at present—when China's worldwide effect looms large.
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Additional info for Chinese Money in Global Context: Historic Junctures Between 600 BCE and 2012
On the other hand, if the state itself attempted to issue excessively “heavy” (read: fiduciary) coinage and thrust it on commoners, it would lead to a proliferation of forgeries of that very same coinage, Jia warned. 24 Guoyu and the Frogs can be seen, in a sense, to be formatively marking both monetary differences and commonalities that would remain in force across Eurasia. In the West, debasement was to entail not just an attenuation of round and struck coinage but quite often also a manipulation of the exchange rate between different metals so as to defray the cost of warfare.
54 Archaeological evidence confirming the flow of Hellenistic coinage into China’s west before the Common Era has, on the other hand, not yet emerged. A Common Origin for Coinage? 35 later evidence from the silk road The Kushans who brought about this final transformation in Indian coinage would rule an empire that covered most of what is now Central Asia, Xinjiang, and northern India during the reign of the famous Kanishka previously mentioned. Their territory would during this period border the western extremity of Chinese Han Empire.
20 But, perhaps more important, recent studies have shown that cast bronze coinage was at times also an important part of the European premodern money system alongside silver and gold: Such for example was the famous Roman aes coinage. 21 And after about 1300 CE, copper again played an important role both as means of adulterating (read: debasing) European precious metal coinage or as token money in its own right, as will be explained in Chapter Three. Similarly, if Aristophanes’ (427–386 BCE) The Frogs contains the most ancient of recorded Western diatribes against the scourges of debasement, then nobleman Shan Qi’s exhortations in China—although different in approach and tenor perhaps—are equally revealing.
Chinese Money in Global Context: Historic Junctures Between 600 BCE and 2012 by Niv Horesh