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- China's absence of capitalism between 1650 and 1850 was due to the lack of coordination and power within the state necessary for the emergence of an autonomous capitalist class.
- The arrival of European powers during the Opium Wars forced China to adapt to the new trade economy and marked the beginning of its efforts to catch up with the Western world.
Deep dives
Chapter 1: Why capitalism did not emerge in China
The first chapter explores the reasons behind the absence of capitalism in China during the period between 1650 and 1850. The author argues that even though China had elements of capitalism, such as thriving markets and a merchant economy, it lacked the coordination and power within the state necessary for the emergence of an autonomous capitalist class, unlike in Europe. The Chinese imperial state intervened to maintain stability and prevent the rise of a capitalist class. The chapter also discusses the role of the imperial bureaucracy and the influence it had in shaping the economic landscape.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode