The purpose of this study is to show the historical development and interrelationship, in integrated entirety, of the most dynamic sectors -- trade and industry -- of China's static and agricultural economy. The basic time range is from the Opium War of the 1840's through 1948, the eve of the inception of the Communist Government, thus covering the most crucial period of modern China.
Emphasis for the pre-war decades is upon the importance of institutional arrangements, the trend analysis of trade composition in the wake of industrial development, the interconnection between import excess and foreign investments in China, and the effects of tariff and silver price fluctuation on China's industry and general economy. In the war and post-war period, 1937-48, the development and degree of Chinese inflation are discussed stage by stage and their effects on industry and trade have been assayed. The economic conditions of occupied China and the rapid industrialization of Manchuria under Japanese rule, 1932-45, are investigated and analyzed. The highlights of historical studies are summarized in Chapter Ten. The last chapter deals with theoretical discussions and problems confronting the industrialization of under-developed countries in general and with the long-range prospects of Chinese industrialization in particular.
In presenting the historical facts and analysis in a period of modern Chinese history laden with foreign domination, wartime strains, post-war economic crises and civil strife, the author has made every effort to be impassionate, objective, and nonpartisan.
While the study is the direct result of four years of intensive research done at the Brookings Institution, Washington, D. C., the writer has drawn freely from his former studies done at the Academia Sinica and the reference materials gathered by the National Resources Commission of the Republic of China, with which two organizations he was associated for nearly two decades.
Gratitude is expressed to Dr. Harold G. Moulton and Dr. Robert D. Calkins, the former and present President of the Brookings Institution, respectively, who sponsored the study for the first three years with the assistance of a grant from the United States State Department. Timely research funds and publication subsidies from the China International Foundation have made possible the completion and publication of the study. President Hurst R. Anderson of The American University, a trustee of the Foundation, supervised the latter phase of the study and . . .