Social actors, cultural capital, and the state: The standardization of bank accounting classification and terminology in early twentieth-century China

In 1920 the Shanghai Bankers Association launched an initiative to standardize Chinese bank accounting classification and terminology, which in 1924 led to the first standard terminology that was gradually adopted by all Chinese banks. This paper examines that neglected experience by employing a framework informed by Pierre Bourdieu’s theory of practice. We delineate the relations among foreign banks, Chinese modern banks, and native banks in the field of Chinese banking; explore the habitus of modern bankers that motivated the standardization initiative; and analyze how the initiative accrued cultural capital and social legitimacy to modern bankers and how social actors’ interaction with the state determined the interaction among them, resulting in the domination of modern banks in the field and the domination of the state over the field.