“Living in the land where paper had been invented several centuries earlier, these Chinese entrepreneurs began using paper bills of credit representing and exchangeable for a certain sum of guan. Upon selling their shipments of tea in the city, usually the dynasty capital Chang’an, they would receive paper IOUs…. The lightness of paper money, especially in comparison with copper coinage, inspired the name fei-qian, ‘flying money.'” — Joe Carlen
This week, our featured book is A Brief History of Entrepreneurship: The Pioneers, Profiteers, and Racketeers Who Shaped Our World, by Joe Carlen. To start the feature, we are happy to present an excerpt from “Flying Money and Capitalist Monks,” Carlen’s chapter on entrepreneurship in Tang and Song China.
Don’t forget to enter our book giveaway for a chance to win a free copy of A Brief History of Entrepreneurship!