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.

Peter St. Onge is assistant professor in the Department of International Trade at Feng Chia University.
Economic History and DevelopmentEconomy