Economy of the Yi Dynasty Korea "Japan introduced a monetary economy" The central bank of the Korean Empire is Japan's No. １ bank.

2021-07-10 Category:The Joseon dynasty

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[Table of contents]

A monetary economy did not develop on the Korean Peninsula
Repeated inflation due to mass production of currency
If there is no money economy, there is no capitalism
Introduction of loans and Japanese banks managing customs
Japan bailed out the past two currency crises

Monetary economy did not develop on the Korean Peninsula

In the early Joseon Dynasty, exchange was limited to salt, a proprietary product, and cloth, rice, and grains. After that, linen, cotton cloth, rice, etc. were traded as physical currency. Kozo coins were issued in １４０１ to encourage currency, but they did not become widespread.

In １４２３, a bronze coin called Joseon Tsubo was created, and in １４６４, a coin was coined, but these were used for the purpose of collecting taxes for the state and were not distributed to the general public. In １６７８, the Johei Tsuho coin was minted.

This coin was issued for about two centuries, but confusion occurred because each government office was allowed to mint it. In １８６６, Daewongun minted １００ coins to rebuild finances and rebuild Gyeongbokgung Palace.

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Geographically, the Korean Peninsula is covered by the Chinese continent, and successive Korean dynasties have become vassal states - What is Japan's position from the perspective of the continental p Geographically, the Korean Peninsula is covered by mainland China A vassal state of China since its founding Korea continues to be invaded by China China and Korea were ruled by different ethnic groups Seeing history from the perspective of northern peoples South Korea only denounces Japanese rule The Korean Peninsula has a history that is inseparable from China, as the peninsula's geographical characteristics make it look like it is completely covered by the Chinese continent. What exactly is this sense of victimhood and hostility toward Japan that Korean people have? The historical differences between China and Japan seen from South Korea are largely due to geopolitical reasons as seen from a map, but that is not the only reason. I would like to think about it in terms of the dominant ethnic group and the ruled ethnic group. Legend has it that there were countries called Dangun Joseon and Minojo Joseon, but archaeologically it is said that they existed from the later Eishi Joseon. The legendary Mino Korea is said to have been founded by the Mino of the Shang Dynasty in China, and the Wei Dynasty Joseon is said to have been founded by the Wei clan of the Yan Dynasty in China. Both were founded as vassal states of China. After that, Goguryeo, Baekje, and Silla entered the Three Kingdoms period, and then the Sui Dynasty invaded Koguryo, and the Tang Dynasty invaded Koguryo. Although Goryeo established a unified dynasty, it was placed under the control of the Later Tang Dynasty shortly after its founding. During the Yuan Dynasty, China was invaded by the Mongol Empire and became a vassal state. The Allied Forces of Mongolia and Goryeo invaded Japan twice, but failed. Lee Seong-gye, who founded the Joseon Dynasty, is also known as the Jurchen people, and the Jurchen people were an ethnic group that lived in the Manchuria region, and later Hong Taiji founded the Qing Dynasty in China. From China's point of view, the Korean people are recognized as a different ethnic group living outside the Great Wall of China, and these ethnic groups lived primarily as nomadic peoples, but due to the geographical relationship of the peninsula, the Korean people have decided to settle down. It seems that it has become. Northern ethnic groups such as the Xiongnu, Xianbei, Khitan, Jurchen, Manchu, and Mongolians were a threat not only to the Han Chinese in China, but also to the Koreans. Looking at the history of China, there have been only a handful of unified dynasties founded by the Han Chinese, who make up the majority of the country, and for most of its history, different ethnic groups have ruled the Chinese mainland. When I look at world history, I have never seen a history centered on northern peoples, but if I dare to look at it from that perspective, both China and the Korean peninsula were invaded and dominated by northern peoples. The Sui, Tang, and Yuan dynasties that invaded the Korean Peninsula mentioned above are different ethnic states in China if you consider them centered on the Han people. It is also a country of different ethnic groups when viewed from the perspective of the Korean Peninsula. In addition to small-scale direct invasions by foreign ethnic groups, the majority of the history of the Korean peninsula is that they invaded the peninsula after taking control of mainland China. In this composition, Japan is classified as one of China's peripheral ethnic groups. Geographically speaking, Japan is called Toi in contrast to Northern Yi. They are a neighboring ethnic group common to China and the Korean Peninsula. If we look at the annexation of Japan and Korea in the above sense, it means that the Korean peninsula was ruled by a different ethnic nation that also shared China. It is also a foreign country to China. Some people point out the contradiction in that Koreans do not complain about the fact that they were ruled by China for over 1,000 years, but they hold a grudge against Japan for 1,000 years only for 35 years, but in reality, the country of China itself is the same. I wonder if there is a complicated background to the history of a controlled area. Historically, Japan may still be recognized as a common enemy of China and the Korean Peninsula. It is said that South Korea's sense of victimhood is something that has been cultivated historically, but if you look closer at the globe, you can see that mainland China has also had a history of being invaded. Based on this, Japan should resolutely clarify its position.

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Repeated inflation due to mass production of currency

Rather than rebuilding finances, they were mass-produced, causing the value of the currency to plummet and its currency to be denominated in １８６８. Although the Gosen was issued in １８８３, its value quickly plummeted and its currency was banned in １８９５. Cupronickel coins were issued in １８９２, but they were used as supplementary coins during the gold standard system.

In other words, the economy of the Korean Peninsula is based on barter. Slaves were also sold in exchange for five slaves and one cow.

Introduction of loans and Japanese banks managing customs

After the Sino-Japanese War, Japan introduced loans to overcome the financial difficulties on the Korean Peninsula. Customs belonged to the Daiichi Bank of Japan, and customs duties were collected in Japanese currency. The money consolidation project was financed by loans from Japan, and Japan's First Bank became the central bank of the Korean Empire.

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Technology and knowledge of the Korean Peninsula at that time from pictures of unicycles on the Korean Peninsula. This photo is often introduced as an interesting ride on the Korean Peninsula, but how about comparing it to the second one in terms of efficiency and cost?The second one is a Japanese rickshaw, but neither is a modern vehicle.The difference is whether it is one wheel or two wheels. At that time, there was no technology to make wheels on the Korean Peninsula, so it was imported from China.The wheels were expensive, and even though they were aristocrats on the Korean Peninsula, they moved on one wheel.As a result, the biggest difference is the number of people driving the car.In the case of one wheel, it becomes unstable when people ride on top of it and requires two people in front and back.In the case of two wheels, it can be operated by one person for stability.It can be imagined that human costs were much lower than wheels.Or there was no concept of labor costs.If you think about transportation efficiency, you can say everything about agricultural work and transportation of goods.If you need twice as many people to transport things, production efficiency cannot be increased. It is said that nearly half of the people were slaves at the end of Joseon.If you just order the slaves, there will be no labor costs. According to Jeong Dong-yu, a Confucian scholar in the Joseon period, "The Sheep, the Car, and the Needle" is not available in Joseon.During the Joseon Dynasty, there was no technology to bend and round wood to make wheels, and there were no horse-drawn carts, cattle carts, rickshaws, or agricultural water wheels.Will this be effective in farming?The absence of needles indicates that metal processing techniques are extremely low.Needles must be made with the technique of sharpening metal and must not be broken.Also, it is necessary to make a hole in the rear part where the thread can be machined.During the Joseon Dynasty, wheels and needles were obtained from China. You can't make things without those tools.In order to make the tool, we need the tool to make it.Japan's industrial revolution was made possible based on craftsmanship handed down over 1,000 years.They made production facilities and railways that they learned from the West in imitation. In winter, the Korean Peninsula is cold and warm, but when Japan came to Korea, it was bare and bare.As soon as it rained on the bare mountains, a lot of water flooded the fields and destroyed the crops.Japan planted forests on the mountains of the Korean Peninsula.The number has reached 1 billion in 10 years since 1911.This is a problem unrelated to the Industrial Revolution.This is because it is a matter of improving the efficiency and planning of human resources.During the Joseon Dynasty, no progress was made due to the servitude of the people, and technology and knowledge were lost. Korea cries out that it was taken away by Japan due to the annexation of Japan and South Korea, but there was nothing on the Korean Peninsula when Japan went there.

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If there is no money economy, there is no capitalism

Without a money economy, there can be no capitalist economy. Japan modernized the Korean Peninsula and developed the market, including the monetary economy and the circulation of capital. Even now, when South Korea conducts transactions with other countries, letters of credit for accounts payable are issued by Japanese private banks. Without this letter of credit, Korean companies cannot conduct international transactions.

Japan rescued the past two currency crises

Japan also provided relief during South Korea's currency crises in １９９７ and ２００８. The very currency that is the backbone of the Korean economy becomes something that Japan gives credit to. Although Japan no longer issues currency haphazardly and causes catastrophic inflation as it did during the Joseon Dynasty, no country has ever experienced a currency crisis twice in １０ years. In that sense, it can be said that Wong remains vulnerable. This is the history of currency on the Korean Peninsula up to the present day.