The Economic Consequences of the Opium War / Wolfgang Keller, Carol H. Shiue.

Format:

Book

Author/Creator:

Keller, Wolfgang.

Contributor:

National Bureau of Economic Research.

Shiue, Carol H.

Series:

Working Paper Series (National Bureau of Economic Research) no. w29404.

NBER working paper series no. w29404

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2021.

Summary:

This paper employs new data to study the impact of Western colonial institutions on China's economy during the 19th century. It is shown that trade and legal institutions in the treaty port areas accelerated industrialization and increased capital market efficiency. The former was driven by technology transfer and market access gains at the ports, while the latter was due to increased security through extraterritorial legal rule at the consular courts. Furthermore, a geographic spillover analysis demonstrates that even though the number of foreign places was relatively small, the Western impact was substantial because it radiated far from the ports and affected most of the country. At the same time, the West's intervention harmed China's economy by increasing protest activity organized by secret societies, thereby reducing Qing state capacity. A picture emerges according to which the West's intervention had a major impact that is neither all-favorable nor all-unfavorable.

Notes:

Print version record

October 2021.