In July 2020, I was asked by the China Institute to participate in their video podcast series “Pieces of China”. Each guest speaker chooses an object from China’s past as the window into the country’s culture and history. Given my interest in economics, I chose the 1911 Hukuang Railway Bond. In this talk, I describe its importance in triggering a revolution, as well as its surprising relevance to U.S.-China relations today. Wait till the end to get the full story, because there’s an interesting twist. Enjoy!

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