Description:
From its dramatic expansion in the early nineteenth century to its decline in the late 1930s, salt production in Zigong was one of the largest and only indigenous large-scale industries in China. Madeleine Zelin's history details the novel ways in which Zigong merchants mobilized capital through financial-industrial networks and spurred growth by developing new technologies, capturing markets, and building integrated business organizations. She provides new insight into the forces and institutions that shaped Chinese economic and social development (independent of Western or Japanese influence) and challenges long-held beliefs that social structure, state extraction, the absence of modern banking, and cultural bias against business precluded industrial development in China.
Review Quotes: Focused on a group of late-nineteenth- and early-twentieth-century industrial entrepreneurs in an interior city removed from Western influences, Zelin's masterful study reshapes our understanding of Chinese economic culture. Her powerful account of lineage-based but diverse partnerships raising capital through self-enforcing contracts in the absence of a fully developed legal framework offers a fascinating historical parallel to some of the processes that have shaped China's more recent economic boom.--Jonathan Ocko, North Carolina State University, author of Bureaucratic Reform in Provincial China