Economic history of China (Pre-1911)
A Chinese dragon seen floating among
clouds, engraved on a golden canteen dated
to the the 15th century, during the Ming Dyn-
asty (1368–1644 CE)
Being one of the oldest civilizations in the
world, China was the largest economy on
earth for most of the recorded history of the
past two millennia.[1][2][3][4] The Financial
Times noted that "China has been the world’s
largest economy for 18 of the past 20 centur-
ies",[5][6] while according to The Economist,
"China was not only the largest economy for
much of recorded history, but until the 15th
century, it also had the highest income per
capita — and was the world’s technological
leader."[5][7]
The early Chinese civilization was marked
by a feudal system of economy, similar to
Middle Ages Europe. This system allowed for
gradual expansion during the Xia, Shang, and
Zhou dynasties and reached its epitome dur-
ing the Zhou, as shown by the Jintian system.
Most of China’s industries, such as iron, silk,
salt, and handicrafts, first developed during
this period, which also saw sizable commerce
occurring in China. During the period, cur-
rency was first introduced[8]. However, by
500 BCE, the face of China was changing. A
new powerful government organized the eco-
nomy like never before. The collapse of the
old feudal system had given power to the
King, which dictated new laws, practices and
the way his subjects would live. A new mer-
chant class sprung up, though it was sur-
veyed. A new bureaucracy carried out the
new ambitions of the rulers who organized
long wars, build grand temples, and initiated
many public works projects. Iron agricultural
tools led to an agricultural revolution, and
the population increased mightily. The new
system also rewarded talent; many men rose
to high positions that had previously been re-
served for the nobility. This era saw China
leap ahead of the rest of the world. By 221
BCE, the state that embraced the reforms
best, Qin, unified China and unified stand-
ards, built the great wall, and set the ton