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Supply and Demand Perspective: Reconsidering the Impact of the Silver Monetization in the Ming Dynasty on the Capitalist Process

Author(s)

Tianwei Chang

Affiliation(s)

Beijing 101 High School, Beijing, China

Abstract

In the middle and late Ming Dynasty, silver gradually replaced the paper currency (Baochao) as the mainstream currency, a process referred to by historians as the monetization of silver. Existing research has confirmed that the monetization of silver in the Ming Dynasty effectively promoted the sprouts of capitalism. However, during the same period, social productivity did not significantly increase. This paper re-examines the monetization of silver in the Ming Dynasty from the perspective of supply and demand. By employing the framework of long-term growth theory, it conducts an in-depth analysis of its impact on the capitalist processes in China and Spain.

Keywords

Silver Monetization; Supply and Demand Perspective; Long-Term Growth Theory; Institutions; Capitalist Process

References

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