China and the Global Economy since 1840 by L. Aiguo

By L. Aiguo

This can be a examine of the long-run evolution of the connection among China and the area economic climate. concentrating on China's responses to the growth of the capitalist global financial system, the e-book offers an unique interpretation of the country's socioeconomic methods long ago century and a part. the writer argues that the overall thrust of China's quest for improvement or 'modernisation' has been to meet up with the Western filthy rich international locations, and explains the altering paths and results.

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Example text

Because the hong monopolized the commerce Foreign Trade 33 with overseas buyers, they were well situated among the various links in the chain to make the most profit. The Chinese compradors working in the hong were the agents who actually executed the orders of the taban (hong ‘general manager’) through dealings with the domestic trade chains. As had been common even previously, the various links in the chains were bound together by a sort of credit relationship, through which the compradors would make loans to the Chinese merchants, but receive cash when they sold to the hong.

During the period of the Westernization movement, the Qing government succeeded, to a degree, in establishing a state presence in certain areas of the domestic modern sector, such as mining, textiles and shipping, but no effort was made to do so in foreign trade. The import and export business was left to private merchants. Private Chinese merchants were in an obviously disadvantageous position vis-à-vis their powerful Western competitors. They lacked capital, access to world markets, information and expertise, and the backing of their government.

From 1842 to 1845, nursing high hopes of a trade boom, British merchants more than doubled their textile exports to China. However, they were soon disappointed by the sluggish sale of these goods, which continued to clog the Chinese market throughout the 1840s and 1850s. Up to the end of the 1870s, British textile exports to China rarely exceeded the level of 1845. On the other hand, the exportation and smuggling of opium to China were growing more rapidly than they had done before the Opium War, and the volume of the opium trade doubled between 1842 and 1860.

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