“Equal Emphasis on Agriculture and Commerce,” “Overseas Trade,” and “Smithian Growth”: The Economic Characteristics and Historic Significance of the Southern Song Development Path

Abstract

The “Southern Song development path” is the economic model formed during the flourishing development of industry and commerce civilization in the South of the lower reaches of the Yangtze River during the Southern Song Dynasty. It has three characteristics: “equal emphasis on agriculture and commerce,” “overseas trade,” and “Smithian Growth.” This economic model was formed with the support of several historical conditions, such as the strong industrial foundation, convenient transportation, remarkable technological progress, and rich human resource in that time. This model indicates that the operating mechanism of ancient China’s economy had undergone significant changes, especially from relying mainly on agriculture to both agriculture and handicrafts and commerce, since then, market mechanisms played an increasingly important role. It also shows the primary path and ideal direction of China’s economy in the Yuan, Ming, and Qing dynasties. Therefore, it is of great historic significance.

Keywords

Southern Song development path / equal emphasis on agriculture and commerce / facing to the ocean / Smithian Growth / historic significance

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2024 Higher Education Press