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C O U R S E 
A History of the World since 1300
Jeremy Adelman, Princeton University
C O U R S E   L E C T U R E 
The Early 19th Century Market Revolution
Notes taken on July 18, 2015 by Edward Tanguay
market revolution
merchants didn't need anymore state sanctions to enjoy their privileges
there emerged a new ideology of free trade
Ali Pasha (1769-1849) made deal with the British to get access to markets
drew inspiration from Adam Smith
coupled with a transformation in finance
new financial actors: merchant bankers
old agrarian aristocracies of China, India and the Ottoman Empire were now being challenged by these new kinds of relationships
being threatened less by formal empires and more by merchant trade practices
penetration of market forces into ancient, aristocratic societies shook the balance of the Eurasia system
had never undergone a conquest in the way that the Americas had been conquered
instead, a slow process of erosion of the sovereignty of the Qing Empire
partly from forces from within
like the Ottoman and Mughal Empire (1526-1857)
spreading unrest as food became scarcer and more expensive
new pressures from outside China
reversing of trade balance between Europe and China
Europe used to have to bring precious metals
by 1828, silver began to flow out of China
commodities from Europe began to flow into China
cotton textiles and metal wares
put pressures on prices in China
ports like Canton were thriving with business
after 1807, English and American Protestant missionaries would begin penetrating into China
with a dream of converting 150 million heathens
opium trade
narcotics have always been a very lucrative business
opium offered a great high and was allegedly an aphrodisiac
a product that Chinese seemed to want from European merchants
in particular from the East India Company
brought opium from India
Chinese government tried to shut down the opium dens
tried to control the traffic
concerned about spreading addiction
by 1842, 40,000 chests of opium were being shipped per year to China markets
government was very weak in trying to do this
foreign powers were unwilling to collaborate with the Chinese since they were making money on this trade
arrival of British steam ships
defend the dens
bombardment of Chinese ports in Canton
Chinese used clubs and spears to defend themselves against British artillery
1842 Treaty of Nanging
humiliating treaty
marked the end of the First Opium War (1839-1842)
enormous indemnities to the victors
creation of treaty ports
laws for foreigners to enjoy their own laws when in China
the triumph of free trade
further hobbled the Chinese state
1840s Chinese response
try to protect against this
but there was already a decline and dire circumstances for the state
humiliation of the state
spread of the consumption of illegal products like opium
no apparent ability to control it
people began to search out for a new moral order
a new compass
a new way of governing China
this kind of decline attracted messianic and millenarian movements
Hong Xiuquan
influenced by Christian missionaries
1837 had a dream
saw himself as Jesus' brother
failed the civil service examinations
so founded the Society of God Worshipers
led uprising against the Chinese state
movement spread
Taiping Rebellion
Hong Xiuquan (1814–1864)
claimed to be brother of Jesus
preached with many Biblical allusions
emerged as a national threat to the Qing authority
army of 700,000 took Nanging
target was the Manchu who were governing China
also Confucian and Buddhist leaders believed that people the Taiping Rebellion would pull people away
ultimate it was foreigner who were most alarmed, fearing chaos in this marketplace
rushed troops and weapons to China to put down this rebellion
took 15 years to put it down
the worst civil war in history
20-30 million people left dead
left Qing state even more crippled and illegitimate than when it started out
Qing government more indebted to foreigners than it was before
the Qing's victory over the Taiping Rebellion was a Pyrrhic victory
they were forced to allow foreigners to penetrate markets with even more preferential terms than ever
so we can ask ourselves how free trade, this revolution in concepts of freedom, crept into, insinuated itself into an old, agrarian dynasty that was never conquered by the West but was slowly crippled by these new practices and doctrines, hollowed out from within to serve a new kind of commercial purpose