Contribution to the Study of the Monetary Reform of Ho Quy Ly from the Perspectives of Economic Anthropology

Abstract

From the perspectives of economic anthropology focusing on monetary issues, this article analyzes the monetary reform of Ho Quy Ly. Instead of relying on timeless rules of economics, the author situates the reform in the context of the Tran - Ho dynasty and the socio-economic characteristics of Vietnamese society in that particular historical period. He argues that while economic theories normally consider paper money more advanced than specie, the Ho dynasty issued bills, although the existing political and social conditions did not meet the requirements of wealth and legal enforcement capacity necessary to ensure the value of issued bills. Replacing specie with bills that carry no value on their own, Ho Quy Ly's bills failed to meet the role of a real currency, resulting in negative outcomes of the reform.