Socially and economically, the global silver trade from the mid-16th century to the 18th century had a negative effect on the rest of the world. The trade’s earlier benefits did not last long, as it eventually weakened the Spanish kingdoms and Ming dynasty. The dependence on trade and the uneven disbursement of the product lead to the fragility of the economics of those governments that depended on silver. The economic effects can be seen in document 2, 3, 4, and the social effects of the silver trade can be seen in documents 5, 6, 7, and 8. According to the documents, the middle man profited the most from the dependence on silver, while the countries importing and exporting silver suffered massive damages.
This document describes the economic changes within Spain, Portugal, and other world powers of this time, in that their economies were boosted due to the introduction of silver. This allowed them to heavily depend on silver in their economies, which caused an inflation in the economic aspects of the world. Socially, this would lead to a hierarchy, which would divide people amongst their classes; a class would be established by the amount of silver one was made of. In summary, “Born with a Silver Spoon” would greatly impact the claims made by these documents, in that the themes are very similar and have consistent messages through the changes of economic and social
During the time period of the 1570s to the 1750s, Spain and Asia dominated the silver trading network. Most of the silver distributed across the world came from their ports or ports in other countries controlled by them. Silver was beginning to be used across all aspects of life; silver was used as currency, traded for foreign luxuries such as Asian porcelain and silks, and was considered to be one of the most valuable traded goods. The silver trade that commenced among Spain and Asia affected the globe by enabling the wealthy to obtain and become accustomed to many luxury exports, yet not allowing the poor to have enough silver to fulfill necessary domestic affairs, and the trade made the silver supply very scarce and inflated the value of
During the Columbian exchange the first plow was invented along with multiple firearms for the Europeans and for Native Americas. Along with firearms several different knives where upgraded by using obsidian instead of steel and iron. The Columbian exchange started capitalism, new business methods such as the use of books to show profit and losses, interest, stocks started, and joint stock companies. Due to all the advantages in economics, technological power and agriculture prices began to rise and price inflation was fueled by the enormous amounts of gold and silver flowing into Europe from the Americas by the mid 1500's.
Economic Effects of the Columbian Exchange Inflation of cash-crops, slavery and silver resulting from the Columbian Exchange caused a drastic effect on the global economy. Cash-crops forged new trade routes across continents, slavery supported New World exports, and silver caused power shifts in the world 's distribution of wealth. As Spanish expeditions to the New World increased in size and purpose, the economic effects on the rest of the world spread with equal vigor. The triangular trade circulated commodities between Europe, Africa, and the Americas. From Europe some commodities were distributed throughout Asia.
The amount of silver present in the world led to the creation of limits and economic changes. Limits were placed on the amount of silver obtained. In Doc #1, wedding expenses were prominent, the people with less silver knew how to
The origin of pawnbroking is traced back over decades and decades ago to the Chinese and it is due to the discovery of the Americas Christopher Columbus voyage which was largely funded by the proceeds from pawning jewels of queen Isabella of Spain. In Britain in the latter stages of nineteenth and early twentieth century there were nearly as many pawnbrokers as public houses, lending money on any items. Although pawnbroking had earned an unfair reputation in the past, its image has changed drastically over the past twenty years. The recent expansion in the industry’s affluences came during the 1980’s credit boom and has continued throughout today with customers now preferring to convenient form of high street
Spread by the Silk road, silk had a great effect on the economy of different countries at the time. silk was a very valuable product in Central Asia at the time. This was because China was the only country capable of creating this rare product, and they very closely guarded the methods of its creation. At the time of its discovery, its use was specifically reserved for the emperor and his family. It soon became a form of currency, as farmers paid their taxes in grain and silk and others paid civil servants with it.
In 1200 B.C. Spain became the center of silver production. When the Moorish invaded spain, silver migrated to other countries and it became more of a worldwide trade. Between 750 and 1200 A.D. many silver mines were discovered and fifty years later there was even more growth and improvements to technology. Better technology was required in order to mine the silver consistently.
Ivory is a label of class within China, meaning that people who have items carved out of ivory are seen as to have more money. Luckily, the ivory trade is already illegal in China, however, this does not stop the trade. The legal market can only rely on the small amount of ivory that the Chinese government distributes every year. Ivory is traded on the black market, only increasing its value. Criminal networks smuggle the raw ivory into China.
Silver was a commodity found in the Americas that altered the course of two very different countries, Spain and China. The Spanish found silver in Potosí in Peru as well as in the Andes. They produced around one billion troy ounces of silver, which made the Spanish appear wealthy. They had believed that storing all this silver would make them
The massive amounts of gold and silver exported back to Europe greatly enriched the Spanish monarchy and upper class, but drastically hurt the poor and common people of Spain. What little wealth the lower class had was greatly inflated as silver and gold flooded into the markets. Throughout the century of Spanish conquest, 180 tons of gold and 16,000 tons of silver were sent to Spain from the New World (Hewitt & Lawson, 2014, 1.16). Much of the acquired wealth was used to finance the Spanish invasions of Italy and Portugal. Although the Columbian Exchange changed the Old and New World in positive ways, it also ignited wars on three continents, decimated millions by disease, and further increased demand for African slaves.
During the time period of 1450-1750, there were many changes as well as continuities in the economy of the Atlantic world form. One main change during this time was, the involvement of trading European firearms and other foods. This diversified the initial upbringing of the Atlantic world trade, which was different from its original usage of exporting slaves, gold, salt, and other goods. But this was both a positive and negative change for the economical status of the Europeans earnings increased, but negatively as well as there were more weapons used for violence. In relation, a continuity that occurred through this time was the use of the Atlantic world for the trade of African slaves.
Historically, Western countries and Asian countries always have differences because of different geography, culture, languages, politics and others. Most of West imperialism happened in European courtiers. Beginning of West imperialism, the European countries more focus on gathering scarce resources such as silver, gold, ivory, pepper or slaves from Africa and Indonesia. After these happen, western countries had the industrial revolution. From the industrial revolution, the European countries need lots of labors for the mass of productions, and the place where they sell for it which was their colony countries.
They also brought disease to the Americas which they benefitted from. The Spanish discovered a mountain of silver, and adopted the Inca system which allowed them to force the indigenous to work without payment. The discovery of silver had a major impact on especially Europe and China. China changed so that taxes had to be paid through silver, This resulted in an increased silk production, and almost all Spanish silk producers were put out of business.