Why Did Britain Get China Addicted To Opium? | Empires of Silver | Absolute History

The paragraph discusses the discovery of pure silver in the Andes in 1581 and its impact on global trade. It highlights how the Emperor of China's decision to have his people pay taxes in silver transformed China into the world's economic powerhouse at the dawn of world trade. The demand for silver led to the creation of exquisite silverware by Chinese craftsmen, which was admired worldwide. The silver trade also contributed to the growth of major cities like Boston, Hong Kong, Seville, and Shanghai. However, this obsession with silver also sowed the seeds of China's near destruction, leading to wars with Western powers and a period known as the 'century of humiliation'.

This paragraph delves into the British acquisition of Hong Kong and the strategic importance of its deep-water port for trade without Chinese interference. It describes how British merchants saw Hong Kong as a base for unrestricted trade, leading to the British cultural influence on the island. The narrative also touches on the British desire to open more ports in China and the resulting conflicts, including the Opium Wars. The paragraph highlights the British perspective on their trade relations with China and the eventual forced treaties that significantly impacted China's sovereignty and economy.

The paragraph discusses the Opium Wars, triggered by China's destruction of British opium and the conflict over silver. It describes the gathering of different imperial powers seeking a share of China, including the British, French, and Russians. The narrative details the looting and destruction of the Summer Palace by a joint Anglo-French force, marking a significant cultural vandalism. The paragraph also covers the forced indemnities China had to pay, the legalization of the opium trade, and the opening of more ports to foreign trade, which further eroded China's control over its own affairs.

This paragraph focuses on Prince Gung's initiatives to modernize China after the devastating losses to foreign powers. It outlines his efforts to transform China from a victim to a victor through the self-strengthening movement, which included modernizing China's military and defense capabilities. The paragraph also discusses the establishment of the Imperial Maritime Customs Service, which was led by the British and significantly increased tax revenue for China. The movement aimed to catch up with the industrial advancements of the West and reduce China's vulnerability to foreign influence.

The paragraph explores the challenges faced by China in the mid-19th century due to its industrial lag and the need to modernize. It highlights Prince Gung's focus on modernizing defenses and the establishment of new armed forces, naval dockyards, and mines. The narrative also touches on the significant role of the Imperial Maritime Customs Service in providing revenue for China's reforms and the impact of global economic shifts on China's silver standard. The paragraph concludes with the rise of Japan as an imperialist power and its defeat of China, leading to further territorial and financial losses for China.

This paragraph discusses the financial burden on the Qing government due to war indemnities and the rise of foreign banks in China. It details the Boxer Rebellion, an anti-western movement that spread across China, and the Qing court's support for the Boxers, leading to a declaration of war against foreign powers. The narrative covers the suppression of the rebellion by an international military alliance and the subsequent demand for a colossal indemnity from China. The paragraph also highlights the efforts of Robert Hart to prevent the partition of China and the economic decline that led to the fall of the Qing Dynasty.

The paragraph focuses on Shanghai's economic stability and growth as a trading city, despite the political turmoil in China. It describes the city's transformation into a cosmopolitan hub of commerce and its status as the wealthiest port in China. The narrative also touches on the role of the Hong Kong and Shanghai Banking Corporation (HSBC) in managing the government's revenue and its significant influence on the city's economic activities. The paragraph highlights the challenges posed by China's adherence to the silver ingot currency system and the need for currency reform.

This paragraph discusses T.V. Soong's efforts to reform China's archaic financial system, particularly the abolition of the silver tael, which had been the unit of Chinese currency for centuries. Despite opposition from native banks, Soong's proposal to introduce a standard minted silver coin was supported by modern and foreign banks. The successful implementation of this reform led to international acclaim for Soong, with comparisons to Alexander Hamilton and invitations to address the American nation on NBC. However, the reform's success was short-lived due to the global financial crisis and the subsequent impact on China's economy.

The paragraph explores the unexpected benefits China experienced during the early 1930s due to the global recession and the subsequent financial crisis triggered by the Silver Purchase Act in the US. The narrative details the flow of silver out of China, the collapse of its economy, and the government's forced currency reform to abandon the silver standard. The paragraph concludes with the end of six centuries of silver currency in China and the rediscovery of Chinese export silver in the 20th century by AJ Crosby Forbes, which shed light on this forgotten craft.

The paragraph discusses the resurgence of silver in modern China, particularly in the production of solar batteries and its role in the globalized world's consumer electronics. It highlights China's position as the largest importer of silver and the production of goods that power the global economy. The narrative also touches on the cultural significance of silver in China and its enduring influence on the country's economy and global trade, emphasizing China's historic and continued economic might.