Economy of the Song dynasty

The economy of the Song dynasty (960–1279) has been characterized as the most prosperous in the world at the time. The dynasty moved away from the top-down command economy of the Tang dynasty (618–907) and made extensive use of market mechanisms as national income grew to be around three times that of 12th century Europe. The dynasty was beset by invasions and border pressure, lost control of North China in 1127, and fell in 1279. Yet the period saw the growth of cities, regional specialization, and a national market. There was sustained growth in population and per capita income, structural change in the economy, and increased technological innovation such as movable print, improved seeds for rice and other commercial crops, gunpowder, water-powered mechanical clocks, the use of coal as an industrial fuel, improved iron and steel production, and more efficient canal locks. China had a steel production of around 100,000 tons plus urban cities with millions of people at the time.

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