Commerce before the Second Transformation a Difficult Environment for Commerce
نویسنده
چکیده
1 ©Meir Kohn 2014 15. COMMERCE, PAYMENTS, AND FINANCING IN CHINA China provided an environment far less hospitable to the development of commerce and finance than did Europe. Indeed, for much of China’s history, they developed very little. Only during the Second Transformation, when the environment improved considerably, did commerce really develop, and even then finance lagged. We begin by examining the organization of commerce and finance in the long period in which development was minimal. We then examine their more rapid development during the Second Transformation. We conclude with a comparison of the development of commerce and finance in China with their development in Europe, and by asking how well our theory explains the differences.
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