A history of the trade between the United States and China, begun in 1784, which affected this country in many ways, including culturally, industrially, and territorially.

From a Western point of view, the policy of economic engagement with China has failed. A rapid rise in living standards in China has helped legitimize and strengthen the Chinese Communist Party’s power. How did Western, market-orientated, property-owning, liberal democracies go from being in a position of complete global hegemony in the early 1990s to the current crisis of confidence and loss of moral foundation? This book tells the story of the most successful trading nation of the early twenty-first century. It looks at how the Communist Party of China has retained and cemented its monopoly on political power since China’s accession to the World Trade Organization in December 2001. It is the most extraordinary economic success story of our time and it has reshaped the geopolitics not just of Asia but of the world. As China has come to dominate global manufacturing, its economic power has been translated into political power, and the West now has a global rival that is politically antithetical to liberal values. The supply-side deflation from allowing 750 million low-cost workers into the global trading system combined with the policy of inflation targeting by Western central banks has led to falling real incomes for many in the West and rising asset prices that have benefited the few. Worse still, China’s mercantilist model is now held up as a viable economic alternative. To have a fighting chance of protecting the freedoms of liberal democracies, it is of the utmost importance that we understand how the policy of indulgent engagement with China has affected Western society in recent years. Only then can the global trading system be reoriented for the mutual benefit of all nations.

Traces the history of the relationship between America and China back to its earliest days, when the United States traded with China for furs, opium, and rare sea cucumbers, but left an ecological and human rights disaster that still reverberates today.

Introduction: America's Business with China -- Founding a Free, Trading Republic -- The Paradox of a Pacific Policy -- Troubled Waters -- Sovereign Rights, or America's First Opium Problem -- The Empire's New Roads -- This Slave Trade of the Nineteenth Century -- A Propped-Open Door -- Death of a Trade, Birth of a Market.

As China reclaims its position as a world power, Imperial Twilight looks back to tell the story of the country’s last age of ascendance and how it came to an end in the nineteenth-century Opium War. As one of the most potent turning points in the country’s modern history, the Opium War has since come to stand for everything that today’s China seeks to put behind it. In this dramatic, epic story, award-winning historian Stephen Platt sheds new light on the early attempts by Western traders and missionaries to “open” China even as China’s imperial rulers were struggling to manage their country’s decline and Confucian scholars grappled with how to use foreign trade to China’s advantage. The book paints an enduring portrait of an immensely profitable—and mostly peaceful—meeting of civilizations that was destined to be shattered by one of the most shockingly unjust wars in the annals of imperial history. Brimming with a fascinating cast of British, Chinese, and American characters, this riveting narrative of relations between China and the West has important implications for today’s uncertain and ever-changing political climate.

"Jonathan Goldstein is our premier historian of the trade conducted between Philadelphia and China. His carefully researched new book casts needed light on the China trade of Stephen Girard, a key Philadelphia China trader, and an important figure in early United States business history. One of our first millionaires, Girard bridged several worlds. He was a curious and adaptive American, and the product of the France of his birth, naming his trading ships for enlightenment French philosophes. Goldstein's book looks at Girard's encounter with China, tracking the full arc of his China trading from entry through withdrawal, noting Girard's careful study and trade risk assessment from start to end. This book will be welcomed by scholars in various topics in American, Asian and European history. Its treatment of current popular topics such as cultural differences and perceptions, drugs and smuggling, and issues of national sovereignty and solvency will have popular appeal as well." --Frederic Delano Grant, Jr., attorney and economic historian ". . . ably traces the motivation and preparations for Girard's China ventures, detailing his legitimate commerce as well as the infamous trade in opium, which was itself both a prominent feature and the catalyst for the destruction of the pre-1842 Canton system." --Robert Gardella, emeritus professor of history, U.S. Merchant Marine Academy "Goldstein is one of the major historians studying the Old China Trade and other aspects of the western relationship with China. An important contribution to the literature of the economic relationship between the West and China." --Murray A. Rubinstein, Baruch College, CUNY