Commercialization in Late Ming China: Seeds of Capitalism?

Abstract

As early as the 1950s, a number of scholars in mainland China started to refer to the commercialization in late Ming China that appeared from the 16th century on as “the sprouts of capitalism.” Since 1990, ever fewer scholars use this term, but this does not that late Ming commercialization is not worth discussion; indeed, relevant research continues to accumulate. Considering the growth of agriculture, the expansion of long-distance trade, changes in the organization of the handicraft industry, material culture, and state economic policies, generally speaking, late Ming commercialization not only influenced the economy, society, and culture of the time but also the order in which the state prioritized interests in economic matters; its related policies also showed significant adjustments. Overall, these changes benefited merchants in that their property received greater protection. Furthermore, the phenomenon of late Ming commercialization provides another thought-provoking historical experience that contributes to a deeper understanding of the evolution of the market in the modern world.