section_path: Economy/Private manufacture and government monopolies
section_name: Private manufacture and government monopolies
paragraph_text: Private manufacture and government monopolies
  
  In the early Western Han, a wealthy salt or iron industrialist, whether a semi-autonomous king or wealthy merchant, could boast funds that rivalled the imperial treasury and amass a peasant workforce numbering in the thousands. This kept many peasants away from their farms and denied the government a significant portion of its land tax revenue. To eliminate the influence of such private entrepreneurs, Emperor Wu nationalized the salt and iron industries in 117 BC and allowed many of the former industrialists to become officials administering the state monopolies. By the Eastern Han, the central government monopolies were repealed in favour of production by commandery and county administrations, as well as private businessmen.
  
  Liquor was another profitable private industry nationalized by the central government in 98 BC. However, this was repealed in 81 BC and a property tax rate of two coins for every 0.2 litres (0.053 US gal) was levied for those who traded it privately. By 110 BC, Emperor Wu also interfered with the profitable trade in grain when he eliminated speculation by selling government stores of grain at a lower price than that demanded by merchants. Apart from Emperor Ming's creation of a short-lived Office for Price Adjustment and Stabilization, which was abolished in 68 AD, central-government price control regulations were largely absent during the Eastern Han.