While countries from all over the world had used a trading/barter system to make purchases without having to rely on a specific medium of exchange, like coins or paper money, they still transitioned to using such mediums because it is one that people understood and accepted as such. Bartering, on the other hand, relies on people deciding on the value of goods. In Ancient China, there were many different forms of currency, whether they succeeded or not, that relied on a barter system. Last week we learned about textiles being an important form of currency for Ancient Chinese society, and, this week, we read about the problems of using coins and paper money as currency. While not much was explained about how the economy worked in Ancient China, it is honestly very fascinating to learn about the many different forms of currency used throughout its history. Whether it’d be textiles, knives, bolts of silk, banknotes, print plates, and, most distinguishably, coins and paper money, they all played a roll in trade and helped develop the nation’s economy.
It was especially fascinating to learn about the religious aspects of the Ancient Chinese economy. The economy was connected to the gods of wealth, and while people tended to fear new forms of economic exchange and blamed gods of wealth for their continuous failures, people also recognized that they were necessary for a working economy. So, instead of accepting the gods as a hallmark for economic depression, the image of gods of wealth was changed to one of a more standard god. The story of Wutong is an example of this. While he was once known as a diabolical spirit, he became a god of wealth people began to follow. Over time, his image and even his name changed, leading to his transformation as Wulu Caishen. While they are technically the same being, the introduction of Wulu Caishen was an indication that China had a more stable commercial economy.
Things I learned this week:
- Textiles, knives, bolts of silk, banknotes, print plates, coins, and paper money are some of the things used to purchase items/goods in Ancient China.
- Paper money and coins were not successful in the beginning. During the Ming period (1368-1644), paper money existed as a form of currency; however, they could not survive and were, in fact, worthless by 1430. Coins faced inflation and were oftentimes counterfeit.
- The economy was connected to the gods of wealth, and people tended to fear new forms of economic exchange and blamed gods of wealth for their continuous failure.
Bibliography
Slides (Gdrive link)
Von Glahn, Richard. The Sinister Way: The Divine and the Demonic in Chinese Religious Culture. Berkeley: University of California Press, 2004.
