structural:expansion, structural:reformatting, structural:scholar_edition, information:extraction
Changing trade policy

In addition to the start of the opium trade, economic and social innovations led to a change in the parameters of the wider Sino-European trade. The formulation of classical economics by Adam Smith and other economic theorists caused academic belief in mercantilism to decline in Britain. Under the prior system, the Qianlong Emperor restricted trade with foreigners on Chinese soil only for licensed Chinese merchants, while the British government on their part issued a monopoly charter for trade only to the British East India Company. This arrangement was not challenged until the 19th century when the idea of free trade was popularised in the West. Fueled by the Industrial Revolution, Britain began to use its growing naval power to spread a broadly liberal economic model, encompassing open markets and relatively barrier free international trade, a policy in line with the credo of Smithian economics. This stance on trade was intended to open foreign markets to the resources of Britain's colonies, as well as provide the British public with greater access to consumer goods such as tea. In Great Britain, the adoption of the gold standard in 1821 resulted in the empire minting standardised silver shillings, further reducing the availability of silver for trade in Asia and spurring the British government to press for more trading rights in China.