A History of the World in 100 Objects
Ming banknote
Sep 14, 2010
Neil MacGregor explores the Ming Dynasty and the introduction of paper banknotes in China. He discusses the risks and successes of using paper money and how it revolutionized trade. Governor of the Bank of England and a historian reflect on the history of paper money and its impact on economies.
14:00
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Quick takeaways
- Paper money's lightweight nature replaced metal coins in Ming dynasty, emphasizing trust in government.
- Ming dynasty's paper money faced devaluation due to forgery and excess printing, highlighting risks of mismanagement.
Deep dives
Innovation of Paper Money in Ming China
The podcast delves into the revolutionary introduction of paper money during the Ming dynasty in China. Explaining how the concept of paper money replaced the traditional metal coins, it elucidates the advantages of its lightweight and easily transportable nature. Despite the initial success, the currency's value was tied to copper coins, highlighting the crucial role of faith and trust in the government and institutions backing the paper currency.
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