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Silver Fueled Markets But Not Capitalism
- Early modern China absorbed massive American silver, integrating it deeply into its monetary system and global trade.
- Despite wealth, the Qing state routinely sanctioned merchants and funneled merchant wealth into bureaucracy, blocking capitalist family dynasties.
Agrarian Surplus Isn't Sufficient
- Agricultural surplus alone doesn't cause capitalist takeoff; you need urban agents and institutions to concentrate capital.
- China had rural surplus but lacked urban elites willing and able to build large capitalist enterprises.
Why China Missed The Japan Route
- Late industrializers used strong centralized states to extract rural surplus and fund industry, a path Japan succeeded on but China largely failed.
- China's size, provincial power and foreign encroachment fragmented state capacity to pursue state-directed capitalism.