By Hu Ji Chuang
The book's illuminating proof and profound research display the noteworthy achievements in old China'seconomic notion, giving it its due within the heritage of global financial suggestion.
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Extra resources for A Concise History Of Chinese Economic Thought
They were unable to observe economic phenomena in the light of society as a whole - they could see only the trees and not the forest. However, Fan Li paid attention to the whole process of social economy. This also deserved praise. Also, he looked to the sphere of production rather than the sphere of circulation to find the root cause of the laws of economic changes, unlike many thinkers of the past. Finally, it must be pointed out that the sunspot theory of trade cycles in the 1870s was not much better grounded than Fan Li's, more than two thousand years earlier.
Like all heavenly bodies, Jupiter moves along a circular path through the heavens year after year and arrives back at its starting point every twelfth year. The ecliptic, or path the planet follows, is divided into twelve equal 31 A CONCISE HISTORY OF CHINESE ECONOMIC THOUGHT parts, called in ancient China "the twelve houses of the ecliptic,'' analogous to some degree to the Western zodiac signs. Every house has its fixed constellation and bears a specific name, which we shall not bother to list here.
It is worth explaining here that although ancient works often spoke of three kinds of money, namely, gold, silver and copper coins, as a matter of fact gold was scarcely ever used as a common circulating medium, at least by the masses. Silver was popularly used by the well-to-do class only after the tenth century. Thus, copper coins alone constituted the standard unit of money used by people of all walks of life up to the beginning of the present century. 28 CHAPTER TWO Section III FAN LI ON COMMERCE AND TRADE CYCLES Fan Li was another Chinese statesman celebrated not only for his political strategy, but also for his economic thought, which was unparalleled during the Spring and Autumn Period.
A Concise History Of Chinese Economic Thought by Hu Ji Chuang