The Great Depression was a global phenomenon: every economy linked to international financial and commodity markets suffered. The aim of this book is not merely to show that China could not escape the consequences of drastic declines in financial flows and trade but also to offer a new perspective for understanding modern Chinese history. The Great Depression was a watershed in modern China. China was the only country on the silver standard in an international monetary system dominated by the gold standard.
Fluctuations in international silver prices undermined China’s monetary system and destabilized its economy. In response to severe deflation, the state shifted its position toward the market from laissez faire to committed intervention. Establishing a new monetary system, with a different foreign-exchange standard, required deliberate government management; ultimately the process of economic recovery and monetary change politicized the entire Chinese economy. By analyzing the impact of the slump and the process of recovery, this book examines the transformation of state-market relations in light of the linkages between the Chinese and the world economy.
Tomoko Shiroyama is Associate Professor of Economic History in the Graduate School of Economics, Hitotsubashi University
汇率改革:70年一轮回? www.cjs.com.cn2010-7-3 4:27:00 最近,美国政商界“非常欢迎”对中国央行作出放弃让人民币钉住美元的“谈话”。70多年前可不是这样,那时美国千方百计地游说中国决策者,设法让当时的法币跟美元挂钩。当时中国最终成功摆脱了美国的纠缠,这一...
评分汇率改革:70年一轮回? www.cjs.com.cn2010-7-3 4:27:00 最近,美国政商界“非常欢迎”对中国央行作出放弃让人民币钉住美元的“谈话”。70多年前可不是这样,那时美国千方百计地游说中国决策者,设法让当时的法币跟美元挂钩。当时中国最终成功摆脱了美国的纠缠,这一...
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