Abstract

The policy to suppress development of silver mines by Joseon dynasty was alleviated by the restructuring of foreign relations, trade growth and lack of national finance in the 17th century. A large amount of silver was brought in from Japan and silver distribution of Joseon dynasty had reached its peak until the early 18th century. However, during the era of King Yeongjo, the influx of silver from Japan was greatly reduced, resulting in reappearance of the policy to suppress development of silver mines which was even more reinforced during the era of King Jeongjo. King Yeongjo was concerned about the foreign threats prompted by development of silver mines and King Jeongjo justified the policy as a means to renovate the physiocracy atmosphere of the period. It was difficult for King Yeongjo to coordinate the interests between diverse stakeholders involved in silver distribution so he sought compromise by reinforcing the governmental management and control in silver mines. On the contrary, King Jeongjo attempted to tighten the internal control along with stabilization of long-term foreign relations and did not allow the development of silver mines. Although this policy aimed to stabilize public welfare by strengthened government control, it slowed down the growth of national wealth as well as technological innovation, which in turn impeded long-term development of the economy in Joseon dynasty.

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