But didn't everyday transactions in China take place in copper coins? I was under the impression that the problem with fluctuating silver levels in China was largely of the exchange rate instability between the currency of everyday life (copper) and the currency taxes had to be paid in (silver).
But then I am only vaguely remembering something I read nearly 20 years ago; probably "China Upside Down" (2007).
The copper cash point is basically correct. But it is an extra complication and while that made more of China’s economy monetised than just silver, a lot of the economy was still not monetised and the copper cash was for relatively small scale transactions.
Lots of countries used copper coins, or some equivalent. They had limited impact on broad patterns because they were for minor transactions. It didn’t change the point about wanting silver inflows to continue.
But didn't everyday transactions in China take place in copper coins? I was under the impression that the problem with fluctuating silver levels in China was largely of the exchange rate instability between the currency of everyday life (copper) and the currency taxes had to be paid in (silver).
But then I am only vaguely remembering something I read nearly 20 years ago; probably "China Upside Down" (2007).
The copper cash point is basically correct. But it is an extra complication and while that made more of China’s economy monetised than just silver, a lot of the economy was still not monetised and the copper cash was for relatively small scale transactions.
Lots of countries used copper coins, or some equivalent. They had limited impact on broad patterns because they were for minor transactions. It didn’t change the point about wanting silver inflows to continue.
Wow! The Edo and Merlitz paper! Wow! Thank you.