DBQ: Silver And The Global Economy

Improved Essays
Silver and the Global Economy During the 16th to 18th centuries silver was of vast importance to trading networks all around the world. From 1500 to 1750 Spanish America and Tokugawa Japan dominated the world production in silver. Silver was so influential that the Ming government in China required all taxes to be paid in silver. Silver had many economic and social effects because it expanded trading connections with Asia, caused inflation, and the forced labor class had a hard life in its production. The network of silver flow was very important to all of the players in producing and trading silver. Some of the most important players were colonized Spanish America, Ming China, and the British. Japan was also an important port on the journey …show more content…
This document was especially significant because it was written by Ralph Fitch, who was a British merchant in the late 1500s. Since Ralph himself was a merchant, he was of lower class and saw just how important silver was to the economy of his country when he went out on voyages. Also, the document was written when Spanish colonies and Japan dominated trade so he was able to see firsthand how silver effected the world. Also seen in Document 8, silver was the basis of Asian and European trade. The document shows that Europeans craved luxury goods and spices which Asia was known to trade a lot of. It also says that England found this trade to be very valuable and if they left it their economy would go down. Silver was the primary product used for trade with Asia and this document shows the importance of silver trade. Furthermore, in Document 7, the source discusses the importance of foreign trade despite the emperor wanting to place a ban on it. It discusses the widespread nature …show more content…
As seen in Document 3, the price of grain fell because of the scarcity of silver and this resulted in lower wages for the laboring class. With lower wages on the labor class, less land is put into cultivation and this became a cycle with the lower classes very unhappy. This was also seen in Document 6 as it goes into details of the working conditions. In silver mines, many Indian workers were forced to work with hammers all day and hike miles to produce silver coins. This document also discusses the secret silver that was often taken without paying tax or registration fees. Many coins have been taken out despite the rough life many Indians had to suffer to produce them. The point of view in this document was very interesting seeing as it was written by Antonio Vázquez, a Spanish priest. This is interesting because he seems to sympathize with the poor laborers even though he himself is well off in society. He also seems to be against the mass silver production because of what it is doing to their lives and also is concerned by the sneaking of silver. Finally, in Document 1, it discusses the difference poor and rich have with silver and that the “frugal” man was careful with his because it is so scarce and he had to be. The “extravagant” man can save all of his but it is so rare that there will never be enough. An additional source that would be

Related Documents

  • Decent Essays

    Transoceanic Trade Dbq

    • 419 Words
    • 2 Pages

    In the 15 century Europe started to trade with places farther away and with places they never traded with before. The Europeans had many motivations for transoceanic trade and also they made some innovations that allowed them to travel further. Some of the motivations included that they seeked new sources of wealth and they wanted to convert non-christians around the world to the catholic religion and some of the innovations they made are the sextant and new triangular sails that were stronger against the wind. There were so many reasons that the Europeans started doing transoceanic trade. One of the main reasons was that there was new sources of wealth in Asia such as their spices and their luxurygoods with were worth more in Europe…

    • 419 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    Silver Trade Dbq Analysis

    • 737 Words
    • 3 Pages

    The silver trade served as a supply of silver that was being imported into China. While this was very profitable, the silver went to the government by taxes or to the merchants that were selling Asian goods. Poor peasants suffered because they were seeing little of the silver coming into China and the monetization of the economy would further cripple them as they didn't have the silver needed to live in such an economy. The privileged that were rich with silver wouldn't spent all of it. This led to inflation, decreasing the value of Asian goods.…

    • 737 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    Global Trade Dbq

    • 636 Words
    • 3 Pages

    The trade that was occurring in this time period created links between countries that had never traded before. A negative effect of the trade is that only countries that had silver, like Spanish territories…

    • 636 Words
    • 3 Pages
    Decent Essays
  • Improved Essays

    More trade meant more money and more jobs too. More people were needed to sail, and make goods, and new goods were supplied to the country. This opened up a lot of diversity, economic, and navigational…

    • 945 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    Afro-Eurasia Dbqs

    • 1132 Words
    • 5 Pages

    Subsequently, in order to do business with Africa, India, and China, it required lots of silver. After exhausting silver resources located in Japan and Africa, the Europeans looked to the New World for more silver. These increasingly connected trade routes had a negative externality, as I stated previously. The ever expanding trade routes were the perfect vehicles for spreading…

    • 1132 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Therefore, there would be no bias and the document would be accurate. However, Document 8 talks about the negative economic effects for Europe on global silver trade; raw materials that Europeans themselves can make are being traded with precious gold and silver. D’Avenant says that the trade is so important to society, however. Because society has adapted to Asian commodities and luxuries, England cannot quit the global silver trade, but continue. He points out an important social change during this time…

    • 1217 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    The Silver Question Dbq

    • 560 Words
    • 3 Pages

    So the search began. Then, ideas circled to make coin money out of gold and silver but since gold was at such a shortage it left silver to be the only option. Silver with having a staggering 16:1 ratio,to be equal to the price of gold, in the eyes of the mint left silver owners looking for a better deal for their products. The owners of…

    • 560 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Farmers in the south and west condemned this action,blamed the greed eastern bankers for the depressed state of the economy, and resumed their demand for the unlimited coinage of silver .The Eastern were affected negatively by the politics of the early…

    • 214 Words
    • 1 Pages
    Improved Essays
  • Improved Essays

    It was one of the reasons that the demand for products such as spices and silk increased. Commodities such as clothing had the increase of demand due to its rareness of materials. Westerners were more interested because they know that it was a new thing for them. The fact that the materials was not from the west, caught so much attention to the traders as they saw this as a great opportunity to increase the value of the said products. This consciousness of the Westerners brought about change not only…

    • 393 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    While the Europeans did not head out in search of the unknown Americas, the continent emerged in front of them offering a multitude of new things which the peoples of the Eastern continent had never seen previously. Thus, the Europeans were able to transform earlier patterns of commerce by doing what no other country had done: traveling across the Atlantic Ocean and moving completely new product back and forth across the continents. They were also able to change patterns of commerce by creating an explosion of global commodity trade, particularly in stimulants, such as sugar and coffee, and in African slaves. In these ways did the Europeans change connections of commerce, however since the Europeans had nothing of value to trade in China, they had to assimilate into their trading network through tribute, by giving…

    • 476 Words
    • 2 Pages
    Improved Essays
  • Superior Essays

    The main points and influences of sugar involved its association with the Atlantic Ocean and its involvement with the creation of the Atlantic plantation system. This commodity was influential in the movement of slaves and servants from Africa and Europe to the Americas to produce sugar. The main points and influences of silk mostly involved the areas of West Africa, East Africa, and South and Southeast Asia. Silk was a status symbol and is tied to the Silk Road, a network of caravan routes from China to the Mediterranean Sea where silk was a major commodity of the trade…

    • 1950 Words
    • 8 Pages
    Superior Essays
  • Decent Essays

    Product description for 1 oz. Royal Canadian Mint Gold Bar The utility of gold bars as an investment option that diversifies your portfolio, is both widely known and recognized. These one-ounce ingots are fashioned by the esteemed Royal Canadian Mint, known for their products’ quality feel and finish as well as their beautiful designs.…

    • 357 Words
    • 2 Pages
    Decent Essays
  • Superior Essays

    YeJoon Kang HST 103_06 Professor Borbonus 10 February 2015 Karl Marx & Samuel Smiles During the time of Industrialization, Europe and the United States were the leading exporters in the global markets. It was most difficult for the working class when there was an abundant amount of supplies, also known as surplus of products once in demand. One of many reasons they were suffering was because; “As more and more factories were built to produce the same commodity…competitors slashed prices by slashing wages” (Marks 136). Many similar problems were practiced in the time.…

    • 1171 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    The silver trade of the sixteenth to eighteenth centuries was a major historical process. The global flow of silver had many effects on the multitude of societies that participated. There were many economic effects, such as the heavy global economic involvement of many Asian nations in this trade (Documents 2,4,6,7,8) and greater monetary pressure in China during the Ming Dynasty (Documents 1,3,5), and some social nuances because of this trade, such as a greater European desire for Asian goods (2,4,8), but the economic effects had a greater historical impact because this was the first time a global currency was present in trade. The Asian continent held many countries that engaged in the global silver trade, which had a substantial impact…

    • 1084 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    Subsequently, there would be no predisposition and the report would be precise. Be that as it may, Document 8 discusses the negative financial impacts for Europe on worldwide silver exchange; crude materials that Europeans themselves can make are being exchanged with valuable gold and silver. D'Avenant says that the exchange is so critical to society, nonetheless. Since society has adjusted to Asian wares and extravagances, England can't stop the…

    • 1283 Words
    • 6 Pages
    Superior Essays