A Study On The Currency Policies Of Wangmang’s Restructuring

As prince regent and usurper of the Western Han Dynasty, Wangmang 4 times reformed the currency system. Wangmang seems to be a progressive reformer according to the Political changes’ slogan and the academic basis. But in fact, ulterior purposes are hiden behind his restructuring movements. These frequently launched new policies seriously disturbed the normal operation of national economy. Harsh disasters are spell to the people. The typical characteristics are as follows: changeable system, various monetary value, unequal current translation and miscellaneous organizations. At that time, the melting and recasting of the old small denomination coins could get the over-valued new ones, which sparked widespread private casting. Thus Wangmang’s regime plundered an astonishing account of wealth objectively. Consensus preparation and policy maintenance measures of the new awarded currency show that the actual effect is just the purpose of the political restructuring.Motivation presumption of Wang’s currency change can also provide a conclusion that the collapse of Wangmang’s currency policy would rather to be a bankruptcy to the all thoughtful plot than the failure of the context of the reform. Reformation on the institution by returning to the ancient is a fake, Wangmang doesn’t care how to government the country like the sages, he is just addicted in seizing the money thoroughly with a shield support of the so-called reformation. According to the classical basement of the currency change, and the political legitimacy construction, Liuxin is likely to be the chief designer of Wangmang’s policies.It will be profitable to anyone by turning small coins to large ones, since the measure arrangement of the currency is a open monetary defect. Gold wealth of both folk and the public has been all ransacked in the process of pushing the new policies, what makes dual monetary system formed in the Pre-Qin dynasty wholly destroyed. Officials and people, and thus with imperial clan, all people actively involves in or is swept into the coin recasting after a careful consideration. Despite the new regime adopted a series of harsh punishment to issue the new currency and combat the private casting, it failed to fundamentally solve the above existing problems. As a consequence, general public was broken-down thoroughly, social conflicts intensified with the worse situation because the price of anything was raising crazily, money was losing its value seriously as well. Farmers, united with the old aristocracy, eventually overthrew the short-lived regime of Wangmang.