The Chinese Economy in 1500
Similarly to the majority of cultures, the Chinese economy, as well as the Chinese populace, relied heavily on agriculture and livestock. These were invaluable, as they provided those who farmed the land with the means of survival, as well as forming a basis for trade, both inter-regional and international. The Ming dynasty claimed power from the Mongol-backed Yuan in 1368, quickly leaving their mark on the economy, especially the agrarian parts of it. The Ming established several policies to favor agriculture over other industries, like subsidies and material support – land and equipment – for farmers , as well as altering the taxation scheme of the country. Another important agrarian aspect of the Chinese economy …show more content…
Crop rotations were introduced and used to a larger degree as the medieval era came to a close, switching from two to three crop rotations, annually leaving a third of the field fallow. This resulted in greater agricultural surpluses, which, in turn, allowed for a higher population and the emergences of more cities, as non-food-producers could also be supported . When these advanced were made, trade was also affected. Farmers brought their yields to the urban centers where tradesmen were. However, there was little competition. Landes claimes that “The aim was an egalitarian social justice, but it entailed a serious constraint on enterprise and growth – a safety net at the expense of income. ” This system could account for some of the tardiness of development that existed both long before and a time after 1500. The agriculture of many European nations had also been affected by the Black Death in the mid-14th century. With sizeable population decrease, demand manpower to work the land increased, and so did wages for the ones left. Thus, living standards were steadily increasing in the decades after the 1350’s, and were arguably still doing so at the dawn of the 16th century. Mercantilism also played an important role in early Renaissance Europe. This practice focused on a positive balance of trade and the autonomy of a nation in terms of resources. It often involved subsidies on exports, tariffs on imports, and limitations on wages. It has been argues that mercantilism helped fuel both imperialism and inter-European conflict throughout the period during which it was most avidly practiced (mainly the 15th-18th centuries). Columbus’ discovery of the Americas in 1492 opened up a vast range of economic potential for Europe. This was exploited mainly by the Iberian nations of Spain and Portugal, who conquered parts of Latin and South
Similarly to the majority of cultures, the Chinese economy, as well as the Chinese populace, relied heavily on agriculture and livestock. These were invaluable, as they provided those who farmed the land with the means of survival, as well as forming a basis for trade, both inter-regional and international. The Ming dynasty claimed power from the Mongol-backed Yuan in 1368, quickly leaving their mark on the economy, especially the agrarian parts of it. The Ming established several policies to favor agriculture over other industries, like subsidies and material support – land and equipment – for farmers , as well as altering the taxation scheme of the country. Another important agrarian aspect of the Chinese economy …show more content…
Crop rotations were introduced and used to a larger degree as the medieval era came to a close, switching from two to three crop rotations, annually leaving a third of the field fallow. This resulted in greater agricultural surpluses, which, in turn, allowed for a higher population and the emergences of more cities, as non-food-producers could also be supported . When these advanced were made, trade was also affected. Farmers brought their yields to the urban centers where tradesmen were. However, there was little competition. Landes claimes that “The aim was an egalitarian social justice, but it entailed a serious constraint on enterprise and growth – a safety net at the expense of income. ” This system could account for some of the tardiness of development that existed both long before and a time after 1500. The agriculture of many European nations had also been affected by the Black Death in the mid-14th century. With sizeable population decrease, demand manpower to work the land increased, and so did wages for the ones left. Thus, living standards were steadily increasing in the decades after the 1350’s, and were arguably still doing so at the dawn of the 16th century. Mercantilism also played an important role in early Renaissance Europe. This practice focused on a positive balance of trade and the autonomy of a nation in terms of resources. It often involved subsidies on exports, tariffs on imports, and limitations on wages. It has been argues that mercantilism helped fuel both imperialism and inter-European conflict throughout the period during which it was most avidly practiced (mainly the 15th-18th centuries). Columbus’ discovery of the Americas in 1492 opened up a vast range of economic potential for Europe. This was exploited mainly by the Iberian nations of Spain and Portugal, who conquered parts of Latin and South