ABSTRACT
A shift in exchange towards banking and finance, contract and procedure, and regional markets with grain exchanges spurred the transformation from constrained to more autonomous markets. Apart from market functions deeply affecting the price and supply of grains, the Grain Exchange at Inch'on served as a nexus of business-state relations critical for both state agrarian policy and successful private enterprise at the port. A compromise solution authorized a corporate consolidation of the Jinto and the Stock Exchange in Seoul in the new Chosen Exchange, with the grain exchange at Inch'on reduced to a branch of the Seoul firm. The Chosen Exchange operated both a stock exchange in Seoul and a grain exchange in Inch'on until wartime controls closed the grain branch in 1939, and finally the stock exchange in Seoul in 1943. Rice paddy and Grain Exchange stood at opposite ends of a long chain of production and marketing for export.
