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Monopoly: Merchants and Monarchy

In: Merchants, Market and Monarchy

Author

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  • Tengda Hua

    (Shanghai University of Political Science and Law)

Abstract

The first indication of merchants staying in low status in Ming China was the thoughts supporting state-owned commerce. The state’s monopolistic practices remained dominant in Ming China even though opposition began to emerge. While some traditional thinkers inherit the thoughts from previous thinkers, some others express some pretty new ideas. And certain complexity appears in some thought as well. For instance, some thinkers show different attitudes towards the rationality of the state monopolizing certain products. The standing of Ming merchants was also reflected in widespread bureaucratic corruption and the necessity for aspiring merchants to somehow gain the support of influential officials in order to conduct business. This, together with the predominant thoughts supporting state-owned commerce, were best exemplified by the salt industry in Ming China, which will also be elaborated on in this chapter. We will see that the main focus of economic thinkers, with government officials as the main body, was to maintain the unity of the country and maximize the country’s interest, leaving the empathy for merchants only as no consequence.

Suggested Citation

  • Tengda Hua, 2021. "Monopoly: Merchants and Monarchy," Palgrave Studies in the History of Economic Thought, in: Merchants, Market and Monarchy, chapter 0, pages 69-111, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-77189-8_3
    DOI: 10.1007/978-3-030-77189-8_3
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