Chapter 32 Section 1 Overview of the Ming Dynasty Currency System

The Ming Dynasty implemented a highly centralized monarchy.Its commodity economy has developed on a relatively large scale, and capitalism has also emerged.After Taizu Zhu Yuanzhang unified China, he immediately started to stabilize the overall situation and overcome the impact of the war.In terms of economy, adopt the suggestions of Liu Ji and others, implement a number of measures that are conducive to social and economic development, such as resettling land reclamation, building water conservancy, farming, reducing taxes and labor, restoring industry and commerce, severely punishing corruption and clarifying official governance, etc., quickly healed the wounds of war, It laid the foundation for the economic development of the Ming Dynasty in the future.The subsequent three generations of Chengzu, Renzong, and Xuanzong continued to implement Taizu's policy, and international and domestic trade flourished. There were 33 large and medium-sized commercial cities in the country, led by Nanjing, Beijing, Hangzhou, and Guangzhou, nine in the north and 24 in the south. There are nine in Jiangsu and Zhejiang, indicating that the country's economic center of gravity has shifted to the Yangtze River Basin and coastal areas.The development of industry and commerce has led to the concentration of population in cities, such as Nanjing, which has 1.19 million people.At that time, Chinese commodities, such as silk and silk fabrics, porcelain, copper and ironware, paper pens, inkstones, etc., had a large foreign market.Zheng He's seven voyages to the West, 30 years of large-scale navigation, diplomatic and trade activities, have far-reaching influence.During the 70 years from Yingzong to Xiaozong's four dynasties (1436-1505 AD), the rule of the Ming Dynasty declined, feudal exploitation intensified, and economic development slowed down.After Wu Zong declined, eunuchs and traitors took power one after another, which brought disaster to the country and the people, causing a serious political and economic crisis at that time.Zhang Juzheng implemented a whip method and some improvement measures to temporarily alleviate the difficulties at that time.After Shenzong Wanli (1573-1620 A.D.), the court was extravagant and amassing frantically, and the situation surpassed that of the Song Dynasty.The imperial court sent internal officials (eunuchs) to charge mines and tax supervisors, in the name of collecting taxes from mining, to extort money wantonly and provoke riots.In addition, to suppress the Japanese pirates, aid North Korea, and resist Alta and Houjin, the military expenditure was huge and the financial crisis was deepened.From Jiajing to Chongzhen, there have been heavy taxes such as Liao pay, suppressed pay, and practice pay, and the contradictions have deepened. Peasant uprisings have never stopped.In the seventeenth year of Chongzhen (AD 1644), Li Zicheng's rebel army captured Beijing and the Ming Dynasty fell.

The Ming Dynasty implemented a centralized monetary policy. Currency minting, printing, issuance, circulation, and management were all subject to the imperial court's orders, and strived for currency stability as an important means of consolidating the regime.Taizu established Jinling as his capital, imitating the yuan banknote method, using treasure banknotes as the main currency, and implementing it throughout the country.Because of improper banknote measures, things backfired, and disappeared after only a few generations.The use of silver ingots by the people was banned many times, but it was banned from time to time, and then the government had to take the lead in using silver as currency.The ban on money is sometimes tight and sometimes loose. It has been used by the people for a long time, so we have to let it go.Before the middle period, the precious banknotes were no longer used, and a parallel currency system of silver ingots and copper coins was formed until the end of the Ming Dynasty.Due to the political situation and internal and external relations of the Ming Dynasty were always in a state of tension, the country could not be stable, and its currency had not been stabilized. In the end, the two generations of Tianqi and Chongzhen were in trouble at home and abroad, and bad money was flooded, causing hyperinflation.