ABSTRACT
This chapter discusses the competition among merchants at Korean treaty ports, which spurred Korea to link itself with outside markets. Chinese financial networks in east Asia will be examined via gold outflows and competition between foreign merchants and their commercial networks in Korea. An inflow of substandard coins as well as inactive export trade caused the devaluation of copper cash against foreign currencies like silver yen and consequently caused a gold outflow. The foreign merchants in Korea were mostly Japanese and Chinese. So Korean brokers used this network to export products from the open ports and to distribute imports locally. Although several steps were taken to guarantee privileges to Korean brokers and prevent foreign traders from reaching the interior, the exclusive right of brokers to deal in particular goods and receive commission actually accelerated foreigners' commercial activities in the hinterland.
