Xiaoyu Gao is a PhD candidate in History at the University of Chicago, specializing in the economic and financial history of China from 1700 to 1980, as well as the history of capitalism and global trade. Her research explores the reciprocal influences between state, society, and economy, with a particular focus on the long-durée political economic transformations in East Asia that have emerged through globalization. Prior to joining the University of Chicago, Xiaoyu earned a B.A. in Economics from the School of Finance at Nankai University and an M.A. in History from The Chinese University of Hong Kong. Her dissertation project, titled “Empire of Copper: British and American Global Trade, Chilean Copper, and the Transformation of the Chinese Monetary System (1800-1862),” has received fellowship support from prestigious organizations, including the American Council of Learned Societies (ACLS), The North American Conference of British Studies (NACBS), the Association for Asian Studies (AAS), Harvard Business School, the Esherick-Ye Family Foundation, the Center for International Social Science Research (CISSR) at the University of Chicago, the Center for East Asian Studies (CEAS) at the University of Chicago, and the Nicholson Center for British Studies at the University of Chicago. 

Project Title: Empire of Copper: British and American Global Trade, Chilean Copper, and the Transformation of Chinese Monetary System (1800-1862) 

Abstract:

Silver ingots and copper cash coins were central to China’s economy, whereas during the Daoguang reign (1820-1850), copper cash depreciated by over 76% relative to silver, causing widespread bankruptcy and fueling the Taiping and Panthay Rebellions, which resulted in over 25 million deaths. This dissertation examines the impact of the global copper trade on China’s monetary system between 1800 and 1862, challenging the prevailing “silver outflow thesis” that attributes economic disruption to British opium trade-induced silver drainage. Instead, this research highlights the significant role of copper in reshaping China’s economy. The smuggling of high-purity Chilean copper ores into Canton by British and American merchants, along with the illicit flow of Vietnamese copper coins to southern China, likely destabilized the Qing monetary system. These illegal activities contributed to the collapse of China’s domestic copper industry, particularly in Yunnan, and possibly fueled the production of counterfeit copper cash in southern China. Using a diverse range of archival materials in China, Chile, the US, and Britian, this research explores the profound effects of global trade on China’s economic structure and political stability in the first half of 19th century. It also illuminates the relationship between globalization and state governance in Qing China.