Wang Anshi’s economic reforms: proto-Keynesian economic policy in Song Dynasty China

Xuan Zhao and Wolfgang Drechsler

Cambridge Journal of Economics, 2018, vol. 42, issue 5, 1239-1254

Abstract: The parallel between the economic reforms of Chinese Song Dynasty Chancellor Wang Anshi and those associated with Keynesianism has been rather neglected so far. However, understanding the original ideas of Wang Anshi’s economic thought and his reform policies, and comparing those with John Maynard Keynes’, we argue that Wang Anshi’s reforms well deserve the label of ‘proto-Keynesianism’. Both sides reach a consensus about the importance of government’s expenditure to support aggregate demand, increasing inducement to invest and state control of the economy in order to combat economic depression, especially as regards unemployment.

Keywords: Wang Anshi; Economic reform; Confucian economics; Zhouli; John Maynard Keynes; Keynesianism; Imperial China; Song Dynasty (search for similar items in EconPapers)
Date: 2018
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