Silver Trade 140-1750

Silver Trade 140-1750

1. GLOBAL SILVER TRADE

2. Why is silver valuable?

3. Global Silver Trade = Global Commerce Ming Chinese government began to pay official salaries and collect taxes in silver. Silver deposits in Japan and Spanish territories in the Americas were discovered about the same time.

4. Global Silver Trade = Global Commerce In 1571, the first Manila Galleon carried silver from the Americas to Asia, and returned with Silk, Ivory, Spices, and other goods. Silver from the Americas also went to Spain, and then was sent to South Asia and China for Asian goods. Europeans now had the resources to trade heavily in Asian goods. Global trade was born

5. RESULTS of Silver Trade Chinese demand for silver effected global markets and fueled global trade Commercialization in China increased and the economy grew even as the Ming dynasty fell and the Qing/ Manchus took over. By 1750, the value of silver began to drop with the high quantities of silver in Qing-controlled China.

6. RESULTS of Silver Trade Over 8 million natives died in Spanish mines in Mexico and S America. The Spanish economy boomed, then busted. Spanish government went bankrupt as silver values dropped. Spanish government policies and upper-class spending on luxuries wrecked the economy. Other European empires profited from the movement of goods.

7. RESULTS of Silver Trade The Japanese government, the Tokugawa Shogunate , created policies that expanded the Japanese economy and manufacturing .