Green Sprouts Loans In China

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The roles that Chinese government assumed over the course of time transformed with the rise and fall of various dynasties. More traditional models of government that were implemented in earlier times were heavily influenced by Confucian philosophies, given that this school of thought deeply assimilated into all aspects of Chinese society . However, conflicting opinions began surfacing between Confucian scholars and government officials over what government responsibilities are in regards to economics and commerce. Its participation in this role greatly expanded with increasing involvement in taxation, monopolization of trades, money loans and coinage over the course of time during the Han Dynasty through the Ming Dynasty. Acceptance towards…show more content…
Loans were initially regulated by money lenders, and considered a private trade; however, Wang Anshi implemented the Green Sprouts Loans during the Song Dynasty in hopes to aid the working class. These loans were regulated through the government with the goal to counter the money lenders who were gaining great benefits from the high interest rates they collected . Loans from money lenders resulted in cycles that entrapped the working class in economic stress from the incredible interest rates. The concept of government loans embodied good intentions for civilians, but it was nevertheless ill received by some officials still who adopted Confucian views for what a government should do . The interest gained from the loan system proposed by Wang Anshi would be more stable, but many, like Sima Guan, argued that government is overstepping its boundaries with this “vulgar” business of money loans . Aside from regulating loans, the Chinese government also became more assertive in its role for conducting coinage. An example of this is seen during the Tang Dynasty where the government outlawed Buddhism and issued an order to have all statues made of precious metal to be confiscated. “Gold, silver, and brass statues and statues of other materials should be melted down for government expenditure,” noted a memorial . Other materials confiscated include bronze statues that the government wanted to use for producing coins. Those who fail to do so will face punishment. Although this was directed towards the goal of removing Buddhism in the country, it was ultimately linked to economic aspects as well. People’s properties were taken away, but more than that was the effect of forcing temples to be demolished . Confucian scholars would consider this type of actions exceeding what the government’s duties should be. The Chinese government’s involvement in loans and

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