“货币超越”的中国谜题——兼论万志英的中国货币历史演进观

A Chinese Myth of Currency Overtaking——Reassessing Chinese Currency Evolution through Richard von Glahn's Lens

长期以来,中国货币历史演进问题引起国内外学术界持续关注,且不乏有价值的成果。本文试图梳理万志英的相关研究,以期对“货币超越”的中国谜题做出进一步解释。万志英的讨论从中国长期坚持青铜本位却发行了世界上最早的纸币这一悖论入手,几乎触到了中国货币历史演进机制的要害。他注意到,保持纸币价值稳定的关键是财政约束而非准备约束;中国自古纸币制度之良窳在于政而不在于制。由此出发,便可窥探“子母相权”困局的逻辑舛误,而“信用货币悖论”以及青铜铸币“足值悖论”的深层机理也昭然若揭。更为重要的是,中国货币制度在率先完成第一次货币超越之后却阻滞于第二次货币超越的原因将有迹可循。其中值得特别关注的是无本位货币的“存货缺陷”以及“跨时配置”功能的阙如。唐宋变革以来的金融发展在很大程度上为第二次货币超越准备了必要条件,但紧随其后的“元明断层”却让弥足珍贵的金融演进势头戛然而止。结果可想而知,中国现代货币制度的确立最终未能跨越金融门槛。

This paper critically examines Richard von Glahn's seminal work on the evolutionary trajectory of Chinese currency,shedding light on the phenomenon of currency overtaking.Von Glahn's investigation reveals that the stability of early paper currency was contingent upon fiscal policies rather than intrinsic value,fundamentally reshaping our understanding of China's monetary history.His analysis uncovers the intricacies underlying the dichotomy between “dear money”and “cheap money,”elucidating the dynamics of credit-based and full-value currencies.Significantly,Glahn delineates the factors contributing to China's failure in the second currency overtaking,highlighting inherent limitations in a non-standard currency and its inability to facilitate inter-temporal distribution.While the groundwork for a successful transition was laid during the Tang and Song dynasties,the subsequent “Yuan-Ming fault ” thwarted the momentum,hindering the modern Chinese currency system's advancement in financial evolution.