After the 1911 Revolution, particularly after World War I, Chinese national capitalist industry and commerce underwent a “golden age” of rapid development. After the Northern Expedition, the political unification and dictatorship was restored, bringing the merchant’s “golden age” to an end, politically and economically. This chapter is intended to analyze that the repeated historical tragedy was a continuity of the dilemma faced by traditional merchants. It also explores the social, political, and economic structure behind such an unescapable vicious circle.