Keller, Wolfgang; Shiue, Carol H. - National Bureau of Economic Research - 2021
This paper studies the economic consequences of the West's foray into China after the Opium War (1839-42), when Western … nature of China's capital markets. Whereas before the Opium War, coastal cities were of relatively minor importance, the … treaty port system of the West transformed China into an economy focused on coastal areas and on international trade that …