From a Tea Shop to an Exchange Shop:the Birth of Heshengyuan Exchange Shop in Shanxi during the Late Qing Dynasty
As a traditional folk financial institution in modern China,the exchange shop is a prod-uct of the development of the commodity economy to a certain stage.It is a transformation result of physical commerce with strong capital and a good operating system.The birth of this result has certain logic and inevitability.Since its establishment,Heshengyuan exchange shop had a considerable amount of capital,which was higher than the average capital of Shanxi exchange shops for a long peri-od of time.On this basis,its branches spread to 28 places at home and abroad,indicating that its bus-iness operations were relatively mature and stable.Going from a tea shop to an exchange shop was not only the development path of Heshengyuan but also the basic direction of many physical businesses in Shanxi during the late Qing Dynasty.
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