China During the Great Depression: Markets, States, and the World Economy (1929-1937)

About This Novel

The Great Depression of the 1930s was a global event that profoundly affected China's modern history. Since all countries at that time had moved away from the silver standard, the world's monetary system was dominated by the gold standard, and China was almost the only country in the world that still adopted the silver standard. Therefore, when the price of silver as a commodity in other countries in the world fluctuated, it would have a direct impact on China's financial and economic production. This book specifically demonstrates this transmission effect through the performance of the cotton spinning and silk reeling industries in the middle and lower reaches of the Yangtze River during the Great Depression. When it finally could no longer withstand this impact, the Nationalist government had to actively carry out currency reform and abolish the silver standard. This currency reform led by the government has faced the challenges of complex international relations and severe domestic economic conditions from the beginning. Although the fiat currency reform to get rid of the silver standard was initially successful, foreign exchange reserves were still insufficient and fiscal and financial control was ineffective, which paved the way for greater chaos in the Chinese economy later.

You Might Also Like

Reborn Female General

Qianshan Tea Guest

1.3M9.6