| Book Review | The American Historical Review, 109.3

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| Book Review | The American Historical Review, 109.3 | The History Cooperative

Book Review

Asia

Zhaojin Ji. A History of Modern Shanghai Banking: The Rise and Decline of China's Finance Capitalism. (Studies on Modern China.) Armonk, N.Y.: M. E. Sharpe. 2003. Pp. xxxviii, 325. Cloth $69.95, paper $25.95.

Zhaojin Ji's book is one of three books in English on modern Chinese banking history published in 2003. The other two, Cheng Linsun's Banking in Modern China: Entrepreneurs, Professional Managers, and the Development of Chinese Banks, 1897–1937 and Brett Sheehan's Trust in Troubled Times: Money, Banks, and State-Society Relations in Republican Tianjin, ask why "modern Chinese banks"—banks organized according to Western models—succeeded in spite of political and economic instability. Ji's book is broader in scope and "modern banking" includes the three types of banks—native, foreign, and modern Chinese—found in Shanghai during the late nineteenth and early twentieth centuries. The analytical framework divides "the rise and decline of financial capitalism" into three categories: precapitalism (native banks), integrated capitalism (the coexistence of native, foreign, and Chinese modern banks in the early twentieth century), and state capitalism (state control of banks developing under the Nationalist government, 1928–1949). The author also hopes "to stimulate some critical thinking about contemporary development in banking and finance in China" (p. xxii) and, to this end, sets forth certain themes, such as government intervention in banking and management of foreign currency.

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