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What is Property Rights and Factor Markets about?

Since the late nineteenth century, some scholars have emphasized the free character of the traditional Chinese economy, while others have regarded it as a feudal or Asiatic one that prevented the development of a market economy. The question of property rights and factor markets, which are the themes of this chapter, is closely related to this subject. The first section of this chapter will give a brief survey of the institutions governing the markets for land, labor, and capital from the perspective of law and policy. In the second section, several concrete illustrations will be presented to describe the functioning of factor markets in the Song-Qing economy. In the last section, an outline of the short-, middle-, and long-term changes that occurred in factor markets will be described.As will be discussed in detail in the first section, after the equal-field (juntian 均田) system collapsed in the mid-Tang period, land could be sold and purchased almost freely, with little governmental interference. People could directly manage or rent their lands at will and sons inherited their father's land according to the rule of equal distribution. Nevertheless, this does not necessarily mean t

Author

Mio Kishimoto

Publisher

Cambridge University Press

Published

2022

Language

EN