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Volume 22  Number 2  •  Fall 2017
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How Paper Money Led to the Mongol Conquest
Money and the Collapse of Song China
By Peter St. Onge
This article appeared in the Fall 2017 issue of The Independent Review

China’s Song Dynasty (960–1279) was one of history’s wealthiest Golden Ages, inventing military gunpowder, moveable print, industrial textiles, windmills, and canal-faring paddle boats. It’s all the more remarkable for having fallen to steppe invaders not once but twice, each time resulting in part from another invention credited to the era: paper money.

This article will be posted in full nine months after its initial print publication. To read it now, please download the issue via the Independent Review app (available on iOS, Kindle Fire and Android) for $2.99, or buy a print copy of this issue for $12.00.