The emperor and his government still took responsibility for the economy, but generally made fewer claims than in earlier dynasties. Reformers and conservatives debated the role of government in the economy. Although much of the central government's treasury went to the military, taxes imposed on the rising commercial base refilled the coffers and further encouraged the monetary economy. Regional specialization promoted economic efficiency and increased productivity. A unified tax system and efficient trade routes by road and canal meant the development of a nationwide market. This period also witnessed the development of the world's first banknote, or printed paper money (see Jiaozi, Guanzi, Huizi), which circulated on a massive scale.
Merchants invested in trading vessels and trade which reached ports as far away as East Africa. Movable print, improved seeds for rice and other commercial crops, gunpowder, water-powered mechanical clocks, the use of coal as an industrial fuel, improved iron and steel production, more efficient canal locks, were only the most important technological innovations.Ĭommerce in global markets increased significantly. There was sustained growth in population and per capita income, structural change in the economy, and increased technological innovation. Yet the period saw the growth of cities, regional specialization, and a natonal market.
The dynasty was beset by invasions and border pressure, lost control of North China in 1127, and fell in 1279. The dynasty moved away from the top-down command economy of the Tang dynasty (618-907) and made extensive use of market mechanisms as national income grew to be around three times that of 12th century Europe. The economy of the Song dynasty (960–1279) in China was the early modern world's most prosperous. A Northern Song coin ( sheng song yuan bao 聖宋元寶)
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