War, Nationalism, and Money: The Monetary Policy of the CPC from 1937 to 1945

Abstract

For classical economists, money is a colorless general equivalent. However, according to Zelizer, money is not colorless and has social meaning. According to this point of view, this paper mainly discusses the monetary policy of the Communist Party of China in the base areas of the Anti-Japanese War from 1937 to 1945. By using literature analysis, this article attempts to answer two questions: How did CPC give money social meaning, and how did this social meaning affect the use of money? The article points out that the money designed by the CPC has chosen specific patterns to display the spirit of nationalism and the political views of the CPC. After issuance, the CPC ensured the acceptance of the border money by promoting special alternative names for money and enacting relevant laws. Border money also gained a reputation for its social meaning.