A Brief Analysis Of Song Dynasty

Paper money of Song Dynasty is the earliest one in the world.Its appearance not only have a profound effect on its society,but also make a contribution on the development of the world’s paper money.At this time,China was still a small-peasant society which was self-sufficient,but the society of state power became more and more perfect.Besides,the state power needed large goods distribution,however, Song Dynasty’s coin money was lack.Thus it made a heavy burden on the circulation cost.It is the background of the appearance of Song Dynasty’s paper money.The reason that the circulation of coin money’s insufficiency is mainly due to the needs of Song Dynasty’s coin money increased.This part includes the monetization of the government’s giant expenditure,the increasing of monetization’s needs through the two-tax law and the development of commodity economy in Song Dynasty.The other reason is the coin’s sediment and flow and the high cost of coin money’s making.This article takes paper money of Song Dynasty——Jiaozi as an example.This text considers the Jiaozi’s appearance in Sichuan is due to the Sichuan’s advanced commodity exchange and iron coin’s inadaption to it.And this thesis describes the process of folk Jiaozi to official Jiaozi,the appearance,issue, circulation and recycling of Jiaozi.It also analyze the Jiaozi’s system of reserve fund and separation.It compares the Jiaozi and securities,considering Jiaozi and securities both are exchange certificates,carrying out the function of circulation and the Jiaozi’s separation system is in order to maintain its credit.At last,the article concludes these opinions:the regime property of Song Dynasty’s paper money is clear;Jiaozi is mainly based on the state power,not commercial credit;the credit of paper money has no social basis; coin money’s circulation is still based on full bodied money and it is not signified; Song Dynasty’s paper money replaces the coin money.Furthermore,it is a special security.In comparison,the securities are bound to certain items,but Song Dynasty’s paper money is bound to coin money.With the heavy flowing of silver,paper money steps down from the stage of history in China.