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The Thought to Develop Modern Financial

In: Westernization Movement and Early Thought of Modernization in China

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  • Jianbo Zhou

    (Peking University)

Abstract

One major feature of the modern industrial society is a large amount of commodity trading and high-speed currency circulation, which required a systematic reform of a monetary system that has existed since the Middle Ages. In the context of machine production replacing manual production, China’s traditional monetary system is no longer suitable for developing the modern economy. The new thought of coin standards, the issue of paper money, and the establishment of banks came out of advanced officials and ideologists of Westernization. The good news is, since Chinese industrialization started lately, we can use the successful cases of monetary system reform in western countries for reference to avoid reform mistakes.

Suggested Citation

  • Jianbo Zhou, 2022. "The Thought to Develop Modern Financial," Palgrave Studies in Economic History, in: Westernization Movement and Early Thought of Modernization in China, chapter 0, pages 281-292, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-86985-4_15
    DOI: 10.1007/978-3-030-86985-4_15
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