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
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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 …show more content…
The Chinese requested capital instead of the regular items traded on the once popular Silk Route. The Europeans did not hesitate to trade with the new form of capital that they had found. The scale of the new global trade is outlined by Doc 2. The document demonstrates how Spain spent all they could’ve. Not only were Chinese goods bought with the silver, but also the valuable granite used as ballast in the Chinese ships. This demonstrates how valuable silver was and the eagerness of the Europeans to use that silver. Silver was therefore used as the new currency in Global trade. Document 4 further displays this. Because silver was so valuable, the Europeans traded some products for silver in Japan and traded that silver for even more Chinese products. Ralph Ritch’s point of view is very important because it is a first person account of another country’s trade using silver. 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
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 …show more content…
The Chinese requested capital instead of the regular items traded on the once popular Silk Route. The Europeans did not hesitate to trade with the new form of capital that they had found. The scale of the new global trade is outlined by Doc 2. The document demonstrates how Spain spent all they could’ve. Not only were Chinese goods bought with the silver, but also the valuable granite used as ballast in the Chinese ships. This demonstrates how valuable silver was and the eagerness of the Europeans to use that silver. Silver was therefore used as the new currency in Global trade. Document 4 further displays this. Because silver was so valuable, the Europeans traded some products for silver in Japan and traded that silver for even more Chinese products. Ralph Ritch’s point of view is very important because it is a first person account of another country’s trade using silver. 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