A Study Of China Economics Society(1923-1953)

China Economics Society, founded in 1923 and closed in 1953, was an economics research institute mainly consisting of the economists returning from USA and the high-level members from the political, scholarly, commercial and other circles and led by Ma Yanchu and Liu Dajun. As a pro-UK and pro-USA economics society, its theories and thinking set the main trend and were in a leading position during the rule of the Republic of China (ROC). It had an extensive influence during this period and also had an influence on the Theory of Birth Control in New China. Yet, modern scholars know little about such an important economics research institute. The purpose of this thesis is to conduct a detailed research of China Economics Society on the basis of various original documents widely collected.Before and after the 1920s, the students returning from abroad became the major members of economists in China. They joined or reorganized the research institutes all over the country, which laid the foundation for the establishment of China Economics Society. In November 1923, China Economics Society was founded by Liu Dajun, Chen Changheng, the economists returning from USA and working for Qinghua University, and J.B.Taylor, a British professor working for Yanjing University. Its initial purpose is intended to improve the economics teaching and research level of the members. After Ma Yanchu and others joined this society in 1924, its purpose was changed to develop China's economics research and enhance China's economy in reality. This change had met the need of the Chinese society and led to the rapid progress of China Economics Society.Led by Ma Yanchu and Liu Dajun, China Economics Society was expanded to Tianjin, Shanghai, USA and so on from a small society in Beijing. By November 1927, it had become a central orgnization of the economics circles in China. Thereafter, Ma Yanchu and others began to accept businessmen and politicians as its members so that its organization and influence had been extended to all walks of life. Meanwhile, it began to try hard to raise funds and made great achievements. By the mid of 1930s, the Society had owned a house in Hangzhou, a land of 14 mu in Nanjing and a fund of 200,000 yuan. After the Anti-Japanese War broke out, however, the Society had suffered a heavy blow. Although the Society continued to keep the members together in Chongqing and insisted on expansion, its fund repeatedly devalued due to inflation and its members differed from each other in political positions. In particular, the Society entered its last stage and became declined afer Ma Yanchu was under house arrest, and it was finally closed in 1953.The most important collective academic activities of China Economics Society was the annual meeting. The first 3 annual meetings held in Beijing were mainly concerned about the affairs of the Society. The 4^th annual meeting held in Shanghai decided to cover more activities such as the affairs of the Society, seminars, lectures, banquets, visits, tour and the like. Between1927 and 1936, the Society held 10 annual meetings in hangzhou, Qingdao, Guangzhou and other places. Each annual meeting had received the wide attention and support from the government, the economics and the commercial circles as well as the public opinion and had great influences. Between 1938 and 1943 after the Head Office of the Society moved to Chongqing, the Society held 3 influential annual meetings. Meanwhile, the Society also sponsored various academic activities such as publication of series of books, journals.establishment of China Statistics Institute, and publication of some excellent papers acknowledged by the economics circles. In particular, the first China Industrial Census completed under the leadership of Liu Dajun had important academic value.The economic thoughts of the major members of China Economics Society such as Ma Yanchu, Liu Dajun, Wei Tingsheng, He Lian, Tang Qingzheng, Gu Yuqun and Pan Xulun shared the same characteristics in basic economic theories:Concerning economic philosophy, they advocated the economic deveopment concept of "neither radical nor conservative", i.e., opposing the radical Marxism, criticizing the conservative traditional feudal thoghts, and defending the capitalism;In respect of the theories of value, consumption, production, transaction and distribution, they were mainly influenced by the Neo-classical Economics of Marshal and Clark in UK and USA, other than by the Austrian school as claimed by Wang Yanan;Concerning the research method, they emphasize on the method of demonstration and statistics.In the field of applied theories and policies, they influenced each other through interchange and debate. Concerning control and noninterference: Wu Yugan advocated to implement controlled economy in China while most of the members advocated that the government should control the national economy in association with the high level of the industrial and commmercial circles on the premise of maintaining private ownership. When the theory of controlled economy prevailed, Gu Yuqun used the theory of Friedrich Hayek to criticize the Soviet-style planned economy and advocate market economy, and use the Theory of Comparative Advantage to criticize trade protectionism and advocated China's combination with global economy. Concerning the idea of finance: Wei Tinsheng advocated the theory of "Chao ran zhu ji yu lian zhong zhu zhi " to fight against the corruption of officials. Yao Qingsan prposed to use deficit fianancing for construction when he spread the theory of Keynes. Ma Yanchu set forth the theory of "Income Tax As the Center of Wartime Tax Revenue. Concerning the idea of finaning, they suggeested that the government should collect tariff by gold and change Hang to yuan during the fall of silver price (in 1930,1931). In fear of the fall of silver price and in the face of silver outflow, the advocators of trade balance such as Ma Yanchu and Gu Chunfan were in a hot controversy with the advocators of currency reform during the abrupt rise of silver price vin 1934, 1935). The government accepted the proposals of the advocators of currency reform and implement the policy of legal currency such as Gu Yuqun, Yao Qingsan, Zhang Shumin, Zhao Lanping. During the early stage of the Anti-Japanese War (in 1938,1939), the advocators of maintaing the exchange rate of legal currency such as Ma Yanchuand Liu Dajun were in a hot controversy with the advocators of the devaluation of legal currency such as Ye Yuanlong, Li Deyan and Chen Changheng. The government accepted the proposals of the advocators of raaintaing the exchange rate of legal currency . Ma Yanchu and Chen Changheng also adocated the theory of coordination between labour and capital as wellas the theory of birth control.China Economics Society had a significant influence on the development of Chinese economics during the rule of ROC, the policy-making of the Nationalist Government, the operation and management of business circles, and even on the idea of birth control in New China.