投机之外的危机:国家政治视角下的1910年上海“橡皮股票风潮”

The 1910 Financial Storm of Shanghai under the Perspective of the Country

1910年上海金融危机并非源自上海橡皮股票投机,其深层原因有二:首先,它是清朝中央财政机关度支部就重夺海关经费控制权与上海地方道台展开的政治博弈;其次,其历史原因源自海关税费长期由权责混乱的钱庄银号把持之流弊。在此基础上,本文进一步指出,相较于市场层面的盲目投机,国家层面的政策不完善才通常是金融危机的主因。

The 1910 financial storm didn't originate from the rubber stock speculation of Shanghai. It has two underlying causes. The first is about political game about control of custom funds and the second is about the corrupt practice of control power of the funds by money houses. This paper points out that the imperfection of the national policy is the main reason for the financial crisis.