Economy of the Ming Dynasty Essay Example
Economy of the Ming Dynasty
The economy of the Ming Dynasty (1368-1644) of China was the largest in the world during that period. It is regarded as one of China's three golden ages (the other two being the Han and Song periods). The period was marked by the increasing political influence of the merch ants, the gradual weakening of imperial rule, and technological advances.
Monetary system
Despite issuing paper money in the early part of the dynasty, the Ming ended up using silver as a means of exchange in their economy; this is due to the massive inflow of silver into the Ming economy throughout the dynasty. The amount of silver used by the Ming economy was extraordinary，both coin and paper money were used throughout the Ming dynasty.
Manufactures
Privatization
Another key feature of the Ming manufacturing industry was privatization. Unlike the Song, in which state-owned enterprises played a large role, the Ming reverted to the old laissez faire policies of the Han by privatizing the salt and tea industries. By the middle of the Ming Dynasty, powerful groups of wealthy merchants had replaced the state as the dominant movers behind Chinese industry.
Emergence of wage labor
The Ming government abolished the mandatory forced labor by peasants used in early dynasties and replaced it with wage labor. A new class of wage laborers sprung up where none had existed before. In Jingde alone, it was reported that there were no less than 300 pottery factories, all operated by wage laborers.
Agriculture
Early encouragement of agriculture under Hongwu
Historians consider the Hongwu emperor to be a cruel but able ruler. From the start of his rule, he took great care to distribute land to small farmers. It seems to have been his policy to favor the poor, whom he tried to help to support themselves and their families.
In order to recover from rule of the Mongols and the wars that followed them, the Hongwu Emperor enacted pro-agricultural policies.
The economy of the Ming Dynasty (1368-1644) of China was the largest in the world during that period. It is regarded as one of China's three golden ages (the other two being the Han and Song periods). The period was marked by the increasing political influence of the merch ants, the gradual weakening of imperial rule, and technological advances.
Monetary system
Despite issuing paper money in the early part of the dynasty, the Ming ended up using silver as a means of exchange in their economy; this is due to the massive inflow of silver into the Ming economy throughout the dynasty. The amount of silver used by the Ming economy was extraordinary，both coin and paper money were used throughout the Ming dynasty.
Manufactures
Privatization
Another key feature of the Ming manufacturing industry was privatization. Unlike the Song, in which state-owned enterprises played a large role, the Ming reverted to the old laissez faire policies of the Han by privatizing the salt and tea industries. By the middle of the Ming Dynasty, powerful groups of wealthy merchants had replaced the state as the dominant movers behind Chinese industry.
Emergence of wage labor
The Ming government abolished the mandatory forced labor by peasants used in early dynasties and replaced it with wage labor. A new class of wage laborers sprung up where none had existed before. In Jingde alone, it was reported that there were no less than 300 pottery factories, all operated by wage laborers.
Agriculture
Early encouragement of agriculture under Hongwu
Historians consider the Hongwu emperor to be a cruel but able ruler. From the start of his rule, he took great care to distribute land to small farmers. It seems to have been his policy to favor the poor, whom he tried to help to support themselves and their families.
In order to recover from rule of the Mongols and the wars that followed them, the Hongwu Emperor enacted pro-agricultural policies.