1146 NOTES TO CHAPTER 25
- I disagree with the interpretation of Won Yuhan that Yu regarded currency as sec-
ond only in importance to land and agricultural production for the prosperity of the state
and the people, because the classical point of view was that currency functioned primarily
as a means of exchange that aided the circulation of goods, and not something that pro-
duced wealth independently. See Won, "Sirhakcha ui hwap'ye kyongjeron" [Theories of
a cash cconomy by sirhak scholars), Tongbanghak chi 26 (March 198r):I57, 161; Won
Yuhan, "Kungjongjok hwap'yeron," p. 290. - While Won Yuhan has contended that Yu wanted to expand "productive activities
and productive capacity in society," the most that he may have desired might have been
increased production of agricultural products, and possibly cotton cloth, but I have found
no evidence that he was willing to expand industrial production as the main way for cre-
ating greater wealth. Won Yuhan, "Sirhakcha ui hwap'ye kyongjeron," p. 163. - PGSR 4:6a-7a.
- As mentioned above, Won Yuhan accused Yu of being unrealistic by applying more
advanced Chinesc standards to Korea in the seventeenth century, but I agree with Yu's
argument that the Koreans did have the capacity to adopt cash successfully at that time
for a number of reasons: the commercial economy was already making progress both
because of a probable increase in surplus production and greater private commerce out-
side the bounds of the licensed monopoly merchants in the capital, cash was already cir-
culating in some parts of Korea because of minting undertaken by kings Injo and Hyojong
in the 1620S, 1630s, and 1650s, and cash was adopted permanently only five years after
Yu's death. See Won Yuhan, "Kungjongjok hwap'yeron." - Arthur Schlesinger, Jr., The Age of Jackson (New York: Book Find Club, 1945).
CHAPTER 25. A Cycle of Inflation and Deflation
- Pang Kijung has traced this trend and also found a statement by Song in 1681 that
government officials were demanding cloth for tax payments of 8 sae and 45 "feet" in
length, versus the legal regulations of 5 sae and 35 "feet." Song also said the people were
predicting that the officials would increase their demands to 10 sae and 50 "feet" before
they were through. Pang also cited Yu Hyongwon's statement (written some time before
- that I p'il of higher quality 6 sae "correct cloth" (chi5ngp '0) was worth 30 p 'il of
rough cloth (eh'up'o). "Sipch'il-sipp'al segi chonban kumnap chose ui songnip kwa
chon'gae" [The establishment and development of money taxes in the seventeenth and
first half of the eighteenth centuries), TOl1gbanghak chi 45 (November 1984): 147, 154
n. 117. For other material in this section, see n.2 below.
- SJW 14:966a-b, Kanghui 20 (Sukchong 7). 1.15 (kisa). Won Yuhan did not discuss
the problem of cheating in the collection of rice and cloth taxes under the taedong sys-
tem in "Sukchong sidae ui chujon e taehyo" [Minting of cash in Sukchong's reign) Sahak
y()n'RU 18 (1964):657. - Sukchol1R sil/ok 13 ha:3 I a, Sukchong 8.I1.kyeryu; Sukehong pogw6/ eh6nR'o
[Errata) 13 ha: I h, ChosrJn wangjo sillok 38:6r8b, same date; Won, "Sukchong sidae ui
chujon," p. 657. - SJW r5:818c, Kanghui 22 (Sukchong 9). I .30; reported two weeks later in SukchonR