Book Description

The Western literature on the history of Chinese economic thought is sparse, and comparisons with the history of Western economic thought even more so. This pioneering book brings together Western and Chinese scholars to reflect on the historical evolution of economic thought in Europe and China. The international panel of contributors cover key topics such as currency, usury, land tenure, the granary system, welfare, and government, and special attention is given to monetary institutions and policies. The problem of "good government" emerges as the unifying thread of a complex analysis that includes both theoretical issues and applied economics. Chinese lines of evolution include the problem of the agency of the State, its ideological justification, the financing of public expenditure, the role played by the public administration, and the provision of credit. The early radical condemnation of usury in the Near East and in the West gives way to theoretical justifications of interest-taking in early capitalist Europe; they, in turn, lead to advances in mathematics and business administration and represent one of the origins of modern economic theory. Other uniting themes include the relationship between metallic and paper money in Chinese and European experiences and the cross-fertilization of economic practices and ideas in the course of their pluri-millennial interactions. Differences emerge; the approach to the organization of economic life was, and still is, more State-centred in China. The editors bring together these analytical threads in a final chapter, opening wider horizons for this new line of comparative economic research which is important for the understanding of modern ideological turns. This volume provides valuable reading for scholars in the history of economic thought, economic history and Chinese studies.