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The Conception of Wealth among the Merchants in Late Imperial China

This article reassesses Weber's position on the influence of Confucianism on China's failure to develop the modern form of capitalism by focusing on the conception of wealth among the merchants in the Ming and Qing dynasties. It starts with a review of the criticisms directed towards Weber's theses, including his claim about an affinity between Calvinism and the spirit of capitalism, and his assertion about the lack of moral tensions in Confucianism. We argue that despite the flaws in his analyses, Weber's position that ideas matter is still relevant. The main shortcoming of his argument about the link between the Confucian value system and the failure of China to develop a modern form of capitalism is that he overlooked a critical element in this value system. This was the idea, widely shared among the merchants in late imperial China, of the desirability of disposing of one's wealth. This had the effect of discouraging the accumulation of capital in a period of incipent capitalism. While this idea was intrinsic to the Confucian intellectual tradition, it was also reinforced by the vulnerable position of the merchants under the omnipotent structure of state political power during the Ming dynasty. This shows that while ideas were crucial in preventing China from developing modern capitalism, they did not operate in isolation from the socio-political context as a historical force.