國立臺灣大學政治科學論叢

Abstract / Chinese PDF Download

This paper looks at monetary reform in Taiwan during the Japanese colonialera, and tries to explore the relationship between the modern monetary system andnationalistic power. The term modern monetary system implies a systemestablished by State, and the most important peculiarity of this system is thecirculation of credit money (paper money). At the end of the 19th century, theTaiwanese received a severe shock when Japan transplanted the new monetarysystem into Taiwan. This was because the people of Taiwan did not use creditmoney before Japan enforced monetary reform upon them. At first, the Taiwaneserefused to accept the paper money issued by Japan, just as they had resisted Japan’s sovereignty in 1895.

Japan realized that the results of this monetary reform would greatly influencefurther colonialist advances. Thus from the very beginning of the colonial era Japanput all its power into promoting monetary reform. Due to both the foundations ofthis modern monetary system and Japanese speculation, this monetary reform wassubsumed under national power from beginning to end. Looking back on theprocess of Taiwan’s monetary reform, we find that this reform, conducted byJapan’s national power, can be divided into three stages. First, Japan used itsnational power to exclude other currencies and reap the benefits of monopolizingmoney issues: thus called seignorage. Second, national power was used to guarantee the credit of paper money so as to promote circulation of Japanese issuedpaper money. And thirdly, the accomplishment of monetary reform enforcedJapan’s national power. We may very well say that Taiwanese money usage waschanged by the enforcement of national power. However, from a different point ofview, when the Taiwanese accepted the usage of the new currency, which washighly related to Japan’s nationalistic power, it also meant that they accepted newsovereignty too.