Monday, January 14, 2013
292, Rufus King on China' s Trade Theory
For Rufus King (1755-1827), one of the founding fathers of the United States, China's commercial system was a passive system "resting solely on the theory of selling dear and buying cheap." (Charles R. King ed. The Life and Correspondence of Rufus King, Comprising His Letters, Private and Official, His Public Documents and His Speeches. New York: G.P. Putnam's Sons, 1898, p.562). You may be impressed by King's analysis of China's trade theory.
However, you may also feel surprised by King's following statement that China's economic thoery "has at all times had its advacates among us." King's statement reveals how US founders held China's economic theory in high regard. King's quotation further proves Dr. Dave Wang's conclusion in his paper, "US Founders and China," that the US-China trade was opened by the founders of the United States.