New Books In East Asian Studies

Parks M. Coble's book The Collapse of Nationalist China: How Chiang Kai-shek Lost China's Civil War (Cambridge UP, 2023) revisits one of the most stunning political collapses of the twentieth century. When Japan surrendered in September 1945, Chiang Kai-shek seemed triumphant—one of the Big Four Allied leaders of the war and head of a government firmly allied with the United States. Yet less than four years later he would be forced into a humiliating exile in Taiwan. It has long been recognized that hyperinflation was a critical factor in this collapse. As revenues plummeted during the war against Japan, Chiang’s government simply printed currency to cover its debts resulting in rapid inflation. When World War II ended it was assumed that with eastern China returned, ports opened, and financial support from the U.S. assured, the currency could be stabilized. But in fact, Chiang was obsessed with defeating the communists and the printing presses accelerated the production of banknotes which rapidly lost value.