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Chapter Summary

China's economy during the past was influenced by Western industry and commerce, and in consequence underwent a great change. As a result, many people were inspired to study Western industrial and commercial organization as well as Western economic theory. The most economically developed cities of China are the Treaty Ports, especially the foreign concessions. After fifty years of National Revolution and six years of sacrifice in the War of Resistance the Chinese have been successful in abolishing the unequal treaties. One must bear in mind that current economic theories are merely imitations of those accepted in the West, which are based on economic conditions in the West. The most important recent change occurred at the beginning of the twentieth century. This change was particularly apparent after the First World War - the late Father of the Country [Sun Vat-sen] called it the "Second Industrial Revolution".

Keywords: China's War of Resistance; Chinese economic theory; national revolution; second industrial revolution; Sun Vat-sen; Treaty Ports; unequal treaty; Western economic theory; world war



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