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Category > Economics Posted 17 May 2017 My Price 4.00

Communists under Mao Zedong were defeating the government of China

1.7 In the late 1940s, the Communists under Mao Zedong were defeating the government of China in a civil war. The paper currency issued by the Chinese government was losing much of its value, and most businesses refused to accept it. At the same time, there was a paper shortage in Japan. During these years, Japan was still under military occupation by the United States, following its defeat in World War II. Some of the U.S. troops in Japan realized that they could use dollars to buy up vast amounts of paper currency in China, ship it to Japan to be recycled into paper, and make a substantial profit. Under these circumstances, was the Chinese paper currency a commodity money or a fiat money? Briefly explain.

 

 

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Alpha Geek
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Status NEW Posted 17 May 2017 01:05 PM My Price 4.00

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file 1495026171-Answer.docx preview (224 words )
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