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The Taiping Rebellion, 1851-1964.docx

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Paul Thompson

thHIS280 The Taiping Rebellion 18511964 March 8 2012 OutlineBackground to the Taiping Rebellion o The opium trade and its consequences o The Opium War 18391842 and the Treaty of NanjingThe origins and development of the movementThe loyalist response and the decline of the Rebellion o Divisions within the Taiping Heavenly Kingdom o Military and fiscal decentralization o The devastation of the countrysideThe postTaiping situation and the predeath of the Qing dynastyOpium Empire and the Global EconomyThe Qing Empire goes into decline exactly at the same moment that Europe goes into ascendance In 1773 the EIC decides to create an opium monopoly around CalcuttaThis means that opium replaces manufactured cloth as Bengals major export th In the mid18 century in Europe according to political economic theory the export of silver was considered a bad thing because it would lead to dependencyA country had to have ready stocks of silverBut Britain was exporting lots of silver to China for tea creating a trade deficit Because opium was illegal in China and because the EIC didnt want to lose trading rights in Canton it delegated the shipment of opium from Bengal to noncompany affiliated county traders in Canton who would trade it for silverBut the county traders were not allowed by law to take silver out of China so they gave it to the EIC agents in Canton in exchange for bills of exchange cashable on the London stock marketThe EIC then used the silver to buy tea and take the tea back to EnglandWhat has happened is that instead of Britain paying for its tea from its own silver stocks its paying for tea in exchange for silver thats acquired from selling opium to the ChineseSilver is slowly drained out of China then th In the early 19 century there is a new ideology that becomes prevalent in Britain free tradeAs a result of this new free trade ideology the EICs monopoly in India is revokedThe Portuguese then start producing opium in IndiaThe opium trade in China skyrocketsIn 1800 China had a favourable balance of trade with its European trading partners but by the 1830s due almost exclusively to the opium trade China has an extremely unfavourably unbalance of tradeFor large transactions and for the payment of taxes in China people used silverFor everyday life they used copper
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