subject: Economy of the Han Dynasty [print this page] Economy of the Han Dynasty Economy of the Han Dynasty
To fund his prolonged military campaigns and colonization efforts, Emperor Wu turned away from the "nonaction" policy of earlier reigns by having the central government commandeer the private industries and trades of salt mining and iron manufacturing by 117 BCE. Another government monopoly over liquor was established in 98 BCE, but the majority consensus at a court conference in 81 BCE led to the breaking up of this monopoly. The mathematician and official Sang Hongyang (d. 80 BCE), who later became Imperial Counselor and one of many former merchants drafted into the government to help administer these monopolies, was responsible for the 'equable transportation' system that eliminated price variation over time from place to place. This was a government means to interfere in the profitable grain trade by eliminating speculation (since the government stocked up on grain when cheap and sold it to the public at a low price when private merchants demanded higher ones). This along with the monopolies were criticized even during Wu's reign as bringing unnecessary hardships for merchants' profits and farmers forced to rely on poor-quality government-made goods and services; the monopolies and equable transportation did not last into the Eastern Han Era (25220 CE).
During Emperor Wu's reign, the poll tax for each minor aged three to fourteen was raised from 20 to 23 coins; the rate for adults remained at 120. New taxes exacted on market transactions, wheeled vehicles, and properties were meant to bolster the growing military budget.[129] In 119 BCE a new bronze coin weighing five shu (3.2 g/0.11 oz)replacing the four shu coinwas issued by the government (remaining the standard coin of China until the Tang Dynasty), followed by a ban on private minting in 113 BCE. Earlier attempts to ban private minting took place in 186 and 144 BCE, but Wu's monopoly over the issue of coinage remained in place throughout the Han (although its stewardship changed hands between different government agencies). From 118 BCE to 5 CE, the Han government minted 28 billion coins, an average of 220 million a year.
Emperor Wu's first wife, Empress Chen Jiao, was deposed in 130 BCE after allegations that she attempted witchcraft to help her produce a male heir.[135] In 91 BCE, similar allegations were made against Emperor Wu's Crown Prince Liu Ju, the son of Emperor Wu's second wife Empress Wei Zifu, and Liu Ju, in fear of Emperor Wu's believing the false allegations, rebelled at Chang'an for five days while Emperor Wu was away at his quiet summer retreat of Ganquan. After Liu Ju's defeat, both he and Empress Wei committed suicide.
Eventually, due to his good reputation, Huo Qubing's half-brother Huo Guang was entrusted by Wu to form a triumvirate regency alongside ethnically-Xiongnu Jin Midi (d. 86 BCE) and Shangguan Jie (d. 80 BCE) over the court of his successor, the child Liu Fuling, known posthumously as Emperor Zhao of Han (r. 8774 BCE).Jin Midi died a year later and by 80 BCE Shangguan Jie and Imperial Counselor Sang Hongyang were executed when they were accused of supporting Emperor Zhao's older brother Liu Dan the King of Yan as emperor; this gave Huo unrivaled power. However, he did not abuse his power in the eyes of the Confucian establishment and gained popularity for reducing Emperor Wu's taxes.
Emperor Zhao died in 74 BCE without a successor, while the one chosen to replace him on July 18, his nephew Prince He of Changyi, was removed on August 14 after displaying a lack of character or capacity to rule. Prince He's removal was secured with a petition signed by all the leading ministers and submitted to Empress Dowager Shangguan for approval. Liu Bingyi (Liu Ju's grandson) was named Emperor Xuan of Han (r. 7449 BCE) on September 10. Huo Guang remained in power as regent over Emperor Xuan until he died of natural causes in 68 BCE. Yet in 66 BCE the Huo clan was charged with conspiracy against the throne and eliminated. This was the culmination of Emperor Xuan's revenge after Huo Guang's wife had poisoned his beloved Empress Xu Pingjun in 71 BCE only to have her replaced by Huo Guang's daughter Empress Huo Chengjun (the latter was deposed in September 66 BCE).[146] Liu Shi, son of Empress Xu, succeeded his father as Emperor Yuan of Han (r. 4933 BCE).
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