The evolution of commercial finance in Ming-Qing China: 16th to Early-20th Centuries

Objective/Context: This article surveys the evolution of commercial finance in Ming-Qing China and responds to the debates about the role of finance in the “Great Divergence” between China and Europe. Methodology: Based on new historical materials, especially commercial documents, we study the evolution of financial organizations at different levels as delineated by Fernand Braudel. We also analyze the long-run trends of commercial interest rates in the Ming-Qing eras based on a novel historical database of interest rates in China. Originality: This article explores capital market developments since the 16th century and their relationship with the state —a topic that has been almost entirely neglected in the existing literature. We also find improvements in market integration in China before the late 19th century when Western financial institutions began to enter China, and the prime commercial interest rate in the capital market was much lower than the dominant accounts in the “Great Divergence” debate. Conclusions: While current comparative studies either emphasize the financial stagnation of Ming-Qing China relative to the West or emphasize its special development through non-market mechanisms, e.g., clans, this article shows that the capital market played a similar key role in the evolution of finance in Ming-Qing China as it did in advanced parts of Europe. Thus, we suggest that the difference in financial development between China and the West lies in the organizational structure of the financial sector and the relationship between finance and the state.Objetivo/Contexto: Este artículo estudia la evolución de las finanzas comerciales en la China de Ming-Qing y responde a los debates sobre el papel de las finanzas en la “Gran Divergencia” entre China y Europa. Metodología: A partir de nuevos materiales históricos, especialmente documentos comerciales, estudiamos la evolución de las organizaciones financieras en diferentes niveles, tal y como los delineó Fernand Braudel. También analizamos las tendencias a largo plazo de las tasas de interés comercial en las épocas Ming-Qing a partir de una novedosa base de datos histórica de tasas de interés en China. Originalidad: Este artículo explora los desarrollos del mercado de capitales desde el siglo xvi y su relación con el Estado —un tema que ha sido casi totalmente descuidado en la literatura existente—. También encontramos mejoras en la integración del mercado en China antes de finales del siglo xix, cuando las instituciones financieras occidentales empezaron a entrar en China, y el tipo de interés comercial principal en el mercado de capitales era mucho más bajo que el de los recuentos dominantes en el debate de la “Gran Divergencia”. Conclusiones: Mientras que los estudios comparativos actuales enfatizan el estancamiento financiero de la China Ming-Qing en relación con Occidente o hacen hincapié en su desarrollo especial a través de mecanismos ajenos al mercado, como por ejemplo los clanes, este artículo muestra que el mercado de capitales desempeñó un papel clave en la evolución de las finanzas en la China Ming-Qing similar al que tuvo en partes avanzadas de Europa. Así, sugerimos que la diferencia en el desarrollo financiero entre China y Occidente radica en la estructura organizativa del sector financiero y en la relación entre las finanzas y el Estado.Objetivo/Contexto: neste artigo, é estudada a evolução das finanças comerciais na China Ming-Qing e são abordados os debates sobre o papel das finanças na “Grande divergência” entre a China e a Europa. Metodologia: usando novos materiais históricos, especialmente documentos comerciais, estudamos a evolução das organizações financeiras em diferentes níveis, conforme delineado por Fernand Braudel. Também analisamos as tendências de longo prazo das taxas de juros comerciais nas eras Ming-Qing usando um novo banco de dados histórico de taxas de juros na China. Originalidade: neste artigo, exploramos os desenvolvimentos no mercado de capitais desde o século 16 e sua relação com o Estado — um tópico que foi quase totalmente negligenciado na literatura existente. Também constatamos melhorias na integração do mercado na China antes do final do século 19, quando as instituições financeiras ocidentais começaram a entrar na China, e a principal taxa de juros comercial no mercado de capitais era muito mais baixa do que os relatos dominantes no debate sobre a “Grande divergência”. Conclusões: embora os estudos comparativos atuais enfatizem a estagnação financeira da China Ming-Qing em relação ao Ocidente ou enfatizem seu desenvolvimento especial por meio de mecanismos não mercantis, como os clãs, este artigo mostra que o mercado de capitais desempenhou um papel fundamental na evolução das finanças na China Ming-Qing, semelhante ao que ocorreu em partes avançadas da Europa. Assim, sugerimos que a diferença no desenvolvimento financeiro entre a China e o Ocidente esteja na estrutura organizacional do setor financeiro e na relação entre as finanças e o Estado

Chemical sand production control: a review of materials, methods and characterization

Sand production is one of the challenges facing the oil industry. This paper reviews the latest research advances in chemical sand control and aims to provide a reference for related researchers. Firstly, the commonly used chemical sand control materials are introduced. Second, recent advances in chemical sand control are reviewed, including materials, methods, and processes. Third, laboratory methods for sand control research are presented. Finally, the gaps and challenges of chemical sand control materials are pointed out, and possible future directions for chemical sand control methods are envisioned

Histone H1 Depletion Impairs Embryonic Stem Cell Differentiation

Pluripotent embryonic stem cells (ESCs) are known to possess a relatively open chromatin structure; yet, despite efforts to characterize the chromatin signatures of ESCs, the role of chromatin compaction in stem cell fate and function remains elusive. Linker histone H1 is important for higher-order chromatin folding and is essential for mammalian embryogenesis. To investigate the role of H1 and chromatin compaction in stem cell pluripotency and differentiation, we examine the differentiation of embryonic stem cells that are depleted of multiple H1 subtypes. H1c/H1d/H1e triple null ESCs are more resistant to spontaneous differentiation in adherent monolayer culture upon removal of leukemia inhibitory factor. Similarly, the majority of the triple-H1 null embryoid bodies (EBs) lack morphological structures representing the three germ layers and retain gene expression signatures characteristic of undifferentiated ESCs. Furthermore, upon neural differentiation of EBs, triple-H1 null cell cultures are deficient in neurite outgrowth and lack efficient activation of neural markers. Finally, we discover that triple-H1 null embryos and EBs fail to fully repress the expression of the pluripotency genes in comparison with wild-type controls and that H1 depletion impairs DNA methylation and changes of histone marks at promoter regions necessary for efficiently silencing pluripotency gene Oct4 during stem cell differentiation and embryogenesis. In summary, we demonstrate that H1 plays a critical role in pluripotent stem cell differentiation, and our results suggest that H1 and chromatin compaction may mediate pluripotent stem cell differentiation through epigenetic repression of the pluripotency genes

Jet characteristics and optimal design of hydraulic perforating nozzles for natural gas hydrate reservoirs

Jet nozzle is a core component of the hydraulic perforating fracturing tool, and the design of the nozzle structure directly affects the perforating effectiveness and efficiency. In this paper, the flow field characteristics of hydraulic perforating nozzles are calculated by the SST k - ω turbulence model. The results show that the nozzle structure parameters significantly influence the jet performance. Through orthogonal experiments, the conical-cylindrical nozzle geometric parameters are preliminarily optimized as follows: the cylindrical segment diameter is 6 mm, the contraction angle is 10°, the contraction segment length is 8 mm, and the cylindrical segment length is 12 mm. The results can provide theoretical guidance for later experimental research on jet rock breaking and optimization design of the jet tools

More Information, Greater Appreciation: The Correlation between Background Information and Aesthetic Judgment of Tourist Crafts

More information is often correlated with greater appreciation. Drawing on the model of aesthetic appreciation and aesthetic judgment in art psychology, this study aims to investigate changes in tourists’ aesthetic judgments of tourist crafts when provided with different background information. Blue calico, an art form created through white pulp dyeing and printing, is an intangible cultural heritage of China. The photographs used in this study illustrate typical examples of blue calicos that are commonly sold in tourist gift shops in Wuzhen, China. Data from a sample of 133 participants (49 women and 84 men) was analyzed using Two-Way Repeated Measures ANOVA. We examined to what extent respondents varied their assessments of the calicos based on author manipulation of background factors, such as commentaries by the artist or details about the production process. We found that tourists’ impressions of the aesthetics of blue calicos were predicted by background factors, especially those of tourists who were less interested in high arts. Specifically, blue calicos reported to tourists with names that conveyed an auspicious meaning predicted tourists’ assessments of the calicos as more aesthetically pleasing. Explanations of the production process also predicted an increased appreciation of calico aesthetics. Conversely, artists’ commentaries were not significantly correlated with an increased aesthetic merit of calicos. Understanding what may affect tourists’ assessment of art could help those in the tourism industry market souvenirs to drive sales and enhance tourists’ understanding and appreciation of intangible cultural heritage