Globalization or Empire? Revolution, the State, and the Geopolitics of Chinese Debt, 1895–1914
通过研究银行与外交部门的合作，本文揭示1911年前后中国国家债务重组并非单纯由外国银行主导的全球化，而是扩张主义国家争夺地区霸权的权力斗争，同时中国也在努力维护经济与领土主权。
Via an investigation of the collaboration between banks and foreign offices, this article demonstrates that the restructuring of China’s state debt before and after the revolution of 1911 was not simply a part of Chinese globalisation undertaken under the benign stewardship of foreign banks. Rather, the contest for Chinese loans reflected a power struggle for regional hegemony between expansionist states that hinged on both competition and cooperation, as well as Chinese attempts to preserve their economic and territorial sovereignty. It further shows that the notion that financial institutions operated independently of the state does not reflect the clear record of close coordination between states and financial institutions during loan negotiations.