<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-1617</journal-id>
<journal-title><![CDATA[Historia Crítica]]></journal-title>
<abbrev-journal-title><![CDATA[hist.crit.]]></abbrev-journal-title>
<issn>0121-1617</issn>
<publisher>
<publisher-name><![CDATA[Departamento de Historia, Facultad de Ciencias Sociales, Universidad de los Andes]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-16172023000300209</article-id>
<article-id pub-id-type="doi">10.7440/histcrit89.2023.08</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The evolution of commercial finance in Ming-Qing China: 16th to Early-20th Centuries]]></article-title>
<article-title xml:lang="es"><![CDATA[La evolución de las finanzas comerciales en la China Ming y Qing: siglo xvi a inicios del xx]]></article-title>
<article-title xml:lang="pt"><![CDATA[A evolução das finanças comerciais na China Ming e Qing: do século 16 ao início do século 20]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Peng]]></surname>
<given-names><![CDATA[Kaixiang]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Shen]]></surname>
<given-names><![CDATA[Liangping]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Wuhan University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>China</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Henan University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>China</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>07</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>07</month>
<year>2023</year>
</pub-date>
<numero>89</numero>
<fpage>209</fpage>
<lpage>230</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-16172023000300209&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-16172023000300209&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-16172023000300209&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract:  Objective/Context: This article surveys the evolution of commercial finance in Ming-Qing China and responds to the debates about the role of finance in the &#8220;Great Divergence&#8221; between China and Europe.  Methodology: Based on new historical materials, especially commercial documents, we study the evolution of financial organizations at different levels as delineated by Fernand Braudel. We also analyze the long-run trends of commercial interest rates in the Ming-Qing eras based on a novel historical database of interest rates in China.  Originality: This article explores capital market developments since the 16th century and their relationship with the state -a topic that has been almost entirely neglected in the existing literature. We also find improvements in market integration in China before the late 19th century when Western financial institutions began to enter China, and the prime commercial interest rate in the capital market was much lower than the dominant accounts in the &#8220;Great Divergence&#8221; debate.  Conclusions: While current comparative studies either emphasize the financial stagnation of Ming-Qing China relative to the West or emphasize its special development through non-market mechanisms, e.g., clans, this article shows that the capital market played a similar key role in the evolution of finance in Ming-Qing China as it did in advanced parts of Europe. Thus, we suggest that the difference in financial development between China and the West lies in the organizational structure of the financial sector and the relationship between finance and the state.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen:  Objetivo/Contexto:  Este artículo estudia la evolución de las finanzas comerciales en la China de Ming-Qing y responde a los debates sobre el papel de las finanzas en la &#8220;Gran Divergencia&#8221; entre China y Europa.  Metodología:  A partir de nuevos materiales históricos, especialmente documentos comerciales, estudiamos la evolución de las organizaciones financieras en diferentes niveles, tal y como los delineó Fernand Braudel. También analizamos las tendencias a largo plazo de las tasas de interés comercial en las épocas Ming-Qing a partir de una novedosa base de datos histórica de tasas de interés en China.  Originalidad:  Este artículo explora los desarrollos del mercado de capitales desde el siglo xvi y su relación con el Estado -un tema que ha sido casi totalmente descuidado en la literatura existente-. También encontramos mejoras en la integración del mercado en China antes de finales del siglo xix, cuando las instituciones financieras occidentales empezaron a entrar en China, y el tipo de interés comercial principal en el mercado de capitales era mucho más bajo que el de los recuentos dominantes en el debate de la &#8220;Gran Divergencia&#8221;.  Conclusiones:  Mientras que los estudios comparativos actuales enfatizan el estancamiento financiero de la China Ming-Qing en relación con Occidente o hacen hincapié en su desarrollo especial a través de mecanismos ajenos al mercado, como por ejemplo los clanes, este artículo muestra que el mercado de capitales desempeñó un papel clave en la evolución de las finanzas en la China Ming-Qing similar al que tuvo en partes avanzadas de Europa. Así, sugerimos que la diferencia en el desarrollo financiero entre China y Occidente radica en la estructura organizativa del sector financiero y en la relación entre las finanzas y el Estado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo:  Objetivo/Contexto:  Neste artigo, é estudada a evolução das finanças comerciais na China Ming-Qing e são abordados os debates sobre o papel das finanças na &#8220;Grande divergência&#8221; entre a China e a Europa.  Metodologia:  Usando novos materiais históricos, especialmente documentos comerciais, estudamos a evolução das organizações financeiras em diferentes níveis, conforme delineado por Fernand Braudel. Também analisamos as tendências de longo prazo das taxas de juros comerciais nas eras Ming-Qing usando um novo banco de dados histórico de taxas de juros na China.  Originalidade:  Neste artigo, exploramos os desenvolvimentos no mercado de capitais desde o século 16 e sua relação com o Estado - um tópico que foi quase totalmente negligenciado na literatura existente. Também constatamos melhorias na integração do mercado na China antes do final do século 19, quando as instituições financeiras ocidentais começaram a entrar na China, e a principal taxa de juros comercial no mercado de capitais era muito mais baixa do que os relatos dominantes no debate sobre a &#8220;Grande divergência&#8221;.  Conclusões:  Embora os estudos comparativos atuais enfatizem a estagnação financeira da China Ming-Qing em relação ao Ocidente ou enfatizem seu desenvolvimento especial por meio de mecanismos não mercantis, como os clãs, este artigo mostra que o mercado de capitais desempenhou um papel fundamental na evolução das finanças na China Ming-Qing, semelhante ao que ocorreu em partes avançadas da Europa. Assim, sugerimos que a diferença no desenvolvimento financeiro entre a China e o Ocidente esteja na estrutura organizacional do setor financeiro e na relação entre as finanças e o Estado.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[China&#8217;s financial history]]></kwd>
<kwd lng="en"><![CDATA[financial organization]]></kwd>
<kwd lng="en"><![CDATA[financial technology]]></kwd>
<kwd lng="en"><![CDATA[Great Divergence]]></kwd>
<kwd lng="en"><![CDATA[interest rate history.]]></kwd>
<kwd lng="es"><![CDATA[Gran Divergencia]]></kwd>
<kwd lng="es"><![CDATA[historia de las tasas de interés]]></kwd>
<kwd lng="es"><![CDATA[historia financiera de China]]></kwd>
<kwd lng="es"><![CDATA[organización financiera]]></kwd>
<kwd lng="es"><![CDATA[tecnología financiera.]]></kwd>
<kwd lng="pt"><![CDATA[Grande divergência]]></kwd>
<kwd lng="pt"><![CDATA[história da taxa de juros]]></kwd>
<kwd lng="pt"><![CDATA[história financeira chinesa]]></kwd>
<kwd lng="pt"><![CDATA[organização financeira]]></kwd>
<kwd lng="pt"><![CDATA[tecnologia financeir.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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