| Abstrakt: |
When the Tang dynasty took power in 618, it inherited the multicurrency system of earlier dynasties. The zuyongdiao tax system, in effect from the start of the dynasty, required each taxpayer to submit taxes in grain, labour and cloth. At the same time, the government also minted coins, which constituted some 10 per cent of the total money supply. A persistent shortage of copper limited the number of minted coins the government could issue. Accordingly, officials tried to ensure that sufficient coins and textiles circulated so that both forms of money remained in use. They displayed no consistent preference for one form of money over the other but devised policies to encourage the use of whichever form was then in short supply. [ABSTRACT FROM PUBLISHER] |
