In 1644, the city of Beijing was in crisis. But at that time, Jiangnan's business was still bustling, and overseas silver was still pouring in. However, the imperial court was completely unable to convert the wealth circulating in society into military expenditures, let alone restore social order.
The credit of Ming Dynasty Baochao has long since collapsed, and the amount of land tax has become increasingly distorted, as well as the long-term expenses of the clan and border defense. Once the crisis broke out, successive years of taxes would fall on the majority of farmers, triggering a series of peasant uprisings.
There were many factors responsible for the demise of the Ming Dynasty, and the financial crisis connected these factors and then amplified them into a crisis that completely destroyed the dynasty.
Fundamentally, since its establishment, the Ming Dynasty has lacked a financial system that can be adjusted with economic changes.
