FOREIGN TRADE, COMMERCIAL POLICIES AND THE POLITICAL ECONOMY OF THE SONG AND MING DYNASTIES OF CHINA

Kenneth S. Chan

Australian Economic History Review, 2008, vol. 48, issue 1, pages 68-90

Abstract: The paper presents a framework to explore the trade-off between pro-authority and pro-efficiency foreign trade policy. The former is exemplified by the tributary foreign trade system in Imperial China, while the latter by the government-supervised private foreign trade. In the Song Dynasty (960-1276), a strong external enemy compelled the monarchy to choose a pro-efficiency trade policy to finance the army, whereas during the early Ming Dynasty (1368-1644) when China was strong a pro-authority trade policy was favoured. During the late Ming, as the dynasty weakened, accompanied by external threats and internal mismanagement, the imperial government once again chose a pro-efficiency trade policy. Copyright 2008 The Author.

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