本文以象徵戰後臺灣民間資本源流之一的紅糖經營者為研究對象，探討國家權力為保護公營臺糖獨佔地位，使其在外銷日本面對琉球烏糖排擠與紅糖需求日漸萎縮的危機時，無法升級改製白糖以轉型而提早結束糖業之經營。惟其資本活動並未隨紅糖產業的沒落而消失，反而立基於其既有的發展基礎，對應國際分工體系與國內政權的外來性，而得以繼續生存或更進一步的發展，在戰後臺灣資本主義發展過程中，顯現出臺灣民間資本具延續性的一面。

　　　　　Taking the brown sugar industry, one of the lasting Taiwanese private capital dating back to the 16th century, as one example, this paper sets to explore how this capital survive the state's discrimination. Although the Taiwan Sugar Company, one of the government's enterprises, joined the Ryukyu brown sugar industry in squeezing it out of sugar business, its activities have not been disappearing but embedded themselves into the international dividion of manufacturing system and the Nationalist Party regime. Therefore, counter to one prevailing argument that this capital has always been since dominated or wiped away by the Nationalist regime, the author points to its 'relative autonomy' form or co-operation with the state power.