Trade and Investment
In the early Ming, after the devastation of the war which expelled the Mongols, the Hongwu Emperor imposed severe restrictions on trade. Believing that agriculture was the basis of the economy, Hongwu favoured that industry over all else, including that of merchants. After his death, most of his policies were reversed by his successors. By the late Ming, the state was losing power to the very merchants which Hongwu had wanted to restrict.
The Ming dynasty also engaged in a thriving trade with both Europe and Japan. The amount of silver flowing into the Ming dynasty was estimated by Joseph Needham at 300 million taels, which is equivalent to more than 190 billion dollars in today's money. In addition to silver, the Ming also imported many European firearms, in order to ensure the modernity of their weapons.
Trade and commerce thrived in this liberalized economy, and was aided by the construction of canals, roads, and bridges by the Ming government. The Ming saw the rise of several merchant clans such as the Huai and Jin clans, who disposed of large amounts of wealth. The gentry and merchant classes started to fuse, and the merchants gained power at the expense of the state. Some merchants were reputed to have a treasure of 30 million taels.
Read more about this topic: Economy Of The Ming Dynasty
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—Henry David Thoreau (1817–1862)
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