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Podcast: New Books in Economics
Episode: Margherita Zanasi, "Economic Thought in Modern China: Market and Consumption, c.1500–1937" (Cambridge UP, 2020)
Description: In Economic Thought in Modern China: Market and Consumption, c.1500–1937 (Cambridge University Press, 2020), Margherita Zanasi argues that basic notions of a free market economy emerged in China a century and half earlier than in Europe. In response to the commercial revolutions of the late 1500s, Chinese intellectuals and officials called for the end of state intervention in the market, recognizing its power to self-regulate. They also noted the elasticity of domestic demand and production, arguing in favour of ending long-standing rules against luxury consumption, an idea that emerged in Europe in the late seventeenth and early nineteenth centuries. Zanasi challe...