How Did China Enter The Global Gold Trade? Essay

1217 Words Nov 30th, 2015 5 Pages
When the Europeans first discovered the New World, everything was bound to change. New political, economic, and social systems were bound to evolve. After the discovery of the silver, the global flow of silver had a number of social and economic effects between 1500 and 1750. Trade started to include China more extensively, and silver was the only currency that Ming China accepted in exchange for their luxurious products (Docs 1, 3, 5, 7). In exchange for this silver, the Europeans received Asian luxuries and commodities on a large scale (Docs 2, 4, 8). In a broader sense, because silver became the global currency for trade, the flow of trade shifted (Docs 6, 4, 7). The new currency originating in the colonies of Spain and Portugal eventually affected Ming China as the Europeans wanted to trade silver for silks and spices. How did China enter the global silver trade? Ye Chunji, in an order to limit wedding expenses, mentioned how valuable silver was as it entered the Chinese economy. Because he was a county official, he probably observed how silver was being used in China. Ye points out how a poor man can manage to have a wedding even with one bar of silver. Weddings were fairly expensive in China, and not many people were able to afford a wedding (Doc 1). As silver was a rarity, it quickly diffused into the Chinese economy as a valuable currency. Silver became such an important currency in China as a result. Document 3 points out that even the local economy was…

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