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Li Xiu Ying

by Rhenish History Gr 10

Pages 4 and 5 of 21

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Ming dynasty
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economic status
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ECONOMIC FACTORS OF THE MING DYNASTY
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During 1368-1644 the Ming dynasty of China was the largest economy in the world. This period was one of China’s “golden ages”, this was due to great technological advancements; political influence of trading merchants and the gradual weakening of imperial rule.

Currency
Paper money was produced in the Ming dynasty because of the lack of metal to make bronze coins, and was used until around 1573. The Chinese were the first people to use paper money and successfully convince people of its value, however, due to hyperinflation and money fraud, they began using  gold coins again which where harder to replicate than the paper money which was often replicated and used by poorer parts of the economy, which contributed to the hyperinflation. Paper money was made 

Agriculture
Many technological advances were made in the gardening department of the economy, which included ploughing and advances water distribution methods. This allowed for mass plantations and aided in the marketing part of the economy. There were three types of markets: the rural market, the urban-rural market, and the national market.

Travel and trade 
Trade occurred mostly over seas with European and west Asian countries along the Silk Road. Chinese junk ships were taken to sea in large fleets that traveled for months at a time. Often times travellers would return form voyages with exotic animals, war prisoners and foreign spices.