Document Type

Journal Article

Authors

Chi Man Kwong

Department/Unit

Department of History

Title

Finance and the Northern Expedition: From the Northeast Asian Perspective, 1925–1928

Language

English

Abstract

This paper looks at the problems faced by the Chinese silver-backed currencies in Manchuria during the period of Northern Expedition (1925–1928), the Chinese attempt to overcome these problems, and the reasons for its failure. Manchuria was a peculiar territory during the interwar period (1919–1939), where several currencies, backed by silver or gold, competed against one another. The Chinese silver banknote, first introduced at the turn of the twentieth century, was challenged by gold-backed Japanese yen issued by the Bank of Korea, and by the Russian ruble. This competition was set in the context of the struggle for political control over the area between China (the Qing Dynasty and its successor, the Chinese Republic), Russia (and its successor the Soviet Union), and the Japanese Empire, as well as the war between the southern Nationalists (Kuomintang) and the militarists (warlords) who controlled the Chinese central government in Beijing and Manchuria. This paper suggests that the difficult financial situation determined the course followed by the warlords, and that their failure was the result of the complex regional context, and the failures in their military strategy rather than of their fiscal policy.

Publication Date

2014

Source Publication Title

Modern Asian Studies

Volume

48

Issue

6

Start Page

1695

End Page

1739

Publisher

Cambridge University Press

DOI

10.1017/S0026749X13000139

Link to Publisher's Edition

http://dx.doi.org/10.1017/S0026749X13000139

ISSN (print)

0026749X

ISSN (electronic)

14698099

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