On November 1st, the "Macro-Finance Salon - Commemorating the Millennium of the Birth of Paper Currency (1023-2023)" series, jointly organized by the International Monetary Institute (IMI) of Renmin University of China and the School of Finance of Renmin University of China, was held at Renmin University of China. Wan Ming, a researcher at the Institute of Ancient History of the Chinese Academy of Social Sciences and honorary president of the Chinese Society for Historians of China’s Foreign Relations, delivered a speech titled "The Path of Globalization: The Choice of Silver Currency in Ming Dynasty and Its Connection to Global History." She elaborated on the reasons, processes, and impacts of the monetization of silver in the Ming Dynasty, explaining the association between Ming Dynasty China and the onset of globalization. The 16th century marked the beginning of economic globalization, and the monetization of silver in the Ming Dynasty is part of the history of modernization of the global economy, making the study of silver monetization significant for global history research.

Professor Wan Ming believes that the widespread use of silver was an important social phenomenon in the Ming Dynasty, and silver, as the primary currency, played a crucial role in national finance and socio-economic life. Leveraging the internal driving force based on the development needs of society, Ming Dynasty attracted a large influx of foreign silver, profoundly influencing societal changes, national transformations, and the historical interactions between China and the global community during the early stages of globalization.

Firstly, she traced the process of silver monetization through the two threads of national governance and people's livelihood. She pointed out that the monetization of silver was not the result of state regulations or decrees but underwent a development process where it originated from the grassroots in civil society and converged with official recognition from the top down, marking the progress of China's monetary economization.

Secondly, she explained the connection between silver monetization and the reforms in corvée labor and the transformation of the national fiscal system in the Ming Dynasty. Through detailed case analyses, she introduced the process of China's transition from traditional to modern society, demonstrating the significant role of silver monetization in the national transformation that occurred during the Ming Dynasty.

Professor Wan Ming provided a detailed account of the interaction between China and the global community in the context of silver monetization during the Ming Dynasty. She pointed out that the monetization of silver in Ming Dynasty China directly or indirectly prompted and facilitated the extensive development of silver mines in Japan and the Americas, playing a crucial role in leading global initiatives. The 15th-century maritime voyages by China laid the groundwork for the emergence of globalization on the seas, and the 16th-century origins of globalization primarily manifested as economic globalization, revolving around resources, currency, and markets in large-scale global economic exchanges. The monetization of silver in Ming Dynasty China propelled the country's transition from a traditional to a market economy, guiding it toward overseas ventures under the principles of supply and demand economics. China's distinctive resource development and trade model became fundamental elements and patterns of globalization, forming the driving force behind globalization. Therefore, the most significant economic interactions of the 16th century occurred during the development of silver mines, the establishment of international trade networks, and the formation of the global market, constructing the world's first economic system and a global trade network within a market economy.

Translated by Liu Ke