China’s earliest historical experiment with paper money is certainly interesting. I am dealing here with the experiments under the Song dynasty (960–1279 AD)....
The Sichuan regional government made qianyin fiat money its monetary standard for tax payments and expenditure, which, as Chartalism and Modern Monetary Theory would predict, stabilised its private sector value and use in exchange (Glahn 2005: 72).Social Democracy For The 21St Century: A Post Keynesian Perspective
Early Fiat Money in China
Lord Keynes
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