What was the world historical importance of the silver trade? Silver went around the world and made the world go round. Bolivia and Japan increased the silver supply. It…
China, Spain, and Europe affected the global flow of silver from the sixteenth century to the early eighteenth century, socially and economically.…
A record showing the number of casualties in the mines would help assess how harsh the conditions were. To conclude, The Silver Trade affected social structure, depreciated value of farmers, and changed the way business was done. The global flow of silver during the midsixteenth century to early eighteenth century deeply impacted the economy in China and Europe.…
According to historian Herman Van der Wee: “in the Far East, silver was valued much more highly than gold in comparison with western Europe, so the western merchant had everything to gain from paying for his purchases in the east in silver.” (#2 p.394) This passage helps the audience better comprehend the importance of silver toward these continents and China to result in such high pricings (explain the quote). Throughout the centuries, other continents managed to reach the top in the sellings of silver, although with China remaining fairly constant, it resulted in China regaining being silver’s primary importer. Despite China’s success, a few issues may have occurred during these trends. The first issue has to do with the fact that China has taken full responsibility for holding the highest pricings compared to other continents. The second issue concerns global market reactions to these unusually higher values of silver in China which lead to the arbitrage trade, which is the value of a product being unusually higher than other areas which have a cheaper value for the product. But this arbitrage issue is crucial and nontrivial when placed in the context of monetary and trade history at the global level. (#2 p.396)…
The flow of silver all over the world affected people socially and economically. All taxes and fees were demanded to be paid in silver by the Ming Chinese government which began to lead the world in silver production. During the mid-16th century to the early 18th century, the flow of trade caused social and economic effects in all regions linked with the trade by increasing the unification of Europeans in the globalization of world trade and creating greater economic opportunities but also growing social divisions within China.…
mid 16th century Rich silver deposits found in Bolivia. Silver trade gave birth to social interaction throughout the world. Foreigners began to obtain more of China’s silks and porcelains. Silver helped pay for African slaves and spices. Little Ice Age occurred causing an increase in fur trade, Spain lost its earlier position as dominant western European power.…
Athens and Han China were two great civilizations that were successful. Both Athens and Han China had different philosophers that influenced their civilization. Though Athens and Han China were almost five-hundred years and a continent apart, they both made similar successful communities with their citizens, government, geography, and lifestyle.…
Silver and gold in Spain fed the growth of capitalism, transformed the world economy, spread commerce, and increased manufacturing.…
The flow of silver during the mid-16th century to the early 18th century had a great impact on the social and economic aspects of many countries through trade. It had an effect on the land and on the value of silver. The idea of the Ming Chinese government, that all domestic taxes and trade fees be paid in silver created greater economic opportunities, but also caused a growing social division within China.…
Tokugawa Japan and Spanish colonial America led the world in silver production from 1500 to 1750. The primary flow of silver was from Japan to China and from the Americas to Europe. The documents explain the negative, bias and positive economic effects of the global flow of silver from the mid-sixteenth century to the early eighteenth century.…
The benefits of building the Great Wall of Ancient China does not outweigh the cost. Document C states that soliders were forced to leave their families. Due to the Chinese having to leave their families this shows that it does not outweigh the cost. According to document D soliders risked their lives for the protection of their country. Because of the soliders risking their lives their families will be…
The global flow of silver managed to redefine the social structure in many societies, as well as dramatically altered the basis of the economy in many European and Asian countries. Despite the economic change that came from the mass production of silver and its use as a standard currency, the growth of the silver industry brought as much change socially and culturally as it brought economic transformation. Many people viewed the conversion to silver being the standardized currency as a huge hindrance to their daily lives, but the silver industry brought wealth to many societies and became a necessity in trade. On one side of things, the flow of silver throughout the world brought a wave of economic change, as mentioned in documents 3,5,6, and 7, but on the other hand, it brought new social distinctions as silver widened the gap between the rich and the poor, as mentioned in documents 1 and 6. Another aspect of the global flow of silver that influenced many areas was the cultural interactions that entailed, as mentioned in documents 2,4,7, and 8. An example of the passing and interacting of cultures would be the attraction of Asian commodities to Spain which were paid for in a heavy flow of silver as mentioned in document 2, which was viewed as many as the beginning of the end for Spain, as told by the Spanish scholar Tomas de Mercado. It would be helpful to see a document that showed the statistics of the economies of some Asian and European countries before and after the massive rise of silver in their societies, as this would help me to determine the facts of the total economic effects due to the flow of the metal. Another document that would be helpful would be a document showing the point of view of a peasant that may or may not have been directly affected by the flow of metal into his/her society. It would help clear up the social effects that entailed after the arrival and massive flow of silver.…
The Han dynasty was proud of the efficiency of their technology and their ability to prevent natural disasters. The Romans marveled at their technological advancements, but didn’t think it was very enlightening when it came to craft.…
After the fall of the Mongol Yuan dynasty in China, the Ming dynasty took over. The Columbian exchange introduced new products such as maize and America silver into China. During the period of 1500-1750 CE, the global flow of silver brought about many social and economical changes across the world such as the switch from a barter system to the usage of silver coins. This made it easier to trade, especially over long distances by placing a set value on certain goods. Despite the good it did for trade, the increased production of silver coins and silver refinement led to severe inflation. Silver was given the same value from when it was a rarity to when it was a commonality, causing an inflation that took a toll on the Spanish economy. To obtain these large quantities of silver, the Spanish used the indigenous people of Latin America to mine for the silver, creating social stratification between the Spanish and the indigenous…
The need for luxury items stayed the same with the Silk Road because citizens differentiated themselves based on the items that they possessed. Therefore, when the idea of new luxury items came in position, citizens who were seeking to be viewed as the “upper class” significantly increased their desire for these items all the while still having the same effect on society. The lower class made the items, while the upper class acquired them bringing about the same concept of an upper wealthy class and a lower working class.…