How Did The Global Flow Of Silver Affect Western Europe
The introduction of silver impacted the people of Western Europe and East Asia both positively and negatively depending on if they worked in the lower class or upper class. The introduction of the silver coin generated a currency change which made it harder for the lower class to earn money. During the period from 1450 to 1750 the consequences of the global flow of silver both benefited and had a negative impact on the people of Western Europe and East Asia.
The global flow of silver had some benefits to the people of Western Europe and East Asia regarding through trading merchants. In doc. #4, Ralph Fitch said that, “when the Portuguese go from Macao to Japan, they bring back every year more than 600,000 coins’ worth of Japanese silver. They use the silver to bring gold, perfume, silk, copper, porcelain, and many other luxury goods from China.”(Doc. 4). Ralph is saying that the
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The Portuguese then take their large amount of silver coins and uses them to get more luxury goods from China thus benefiting all three countries. In doc. #6, it says that “the ore at Potosi silver mine is very rich black flint and so huge is the wealth that has been taken out of this range since the year 1545. 326,000,000 silver coins have been taken out and this does not count the great amount of silver taken secretly from these mines to Spain and other countries such as the Philippines and China.”(Doc. 6). This says that this mine is rich with silver and merchants and workers have secretly taken large amounts of the silver for Spain, the Philippines, and China to help their economy. The people who secretly take the silver don’t have to pay the 20% tax or registry fee if they were taking the silver on
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