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China During the Great Depression

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China During the Great Depression Synopsis

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.

About This Edition

ISBN: 9780674036178
Publication date: 2nd October 2009
Author: Tomoko Shiroyama, Harvard University
Publisher: Harvard University Asia Center an imprint of Harvard University Press
Format: Paperback
Pagination: 325 pages
Series: Harvard East Asian Monographs
Genres: Geography