Social and Economic

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The flow of silver all over the world affected people socially and economically. All taxes and fees were demanded to be paid in silver by the Ming Chinese government which began to lead the world in silver production. During the mid-16th century to the early 18th century, the flow of trade caused social and economic effects in all regions linked with the trade by increasing the unification of Europeans in the globalization of world trade and creating greater economic opportunities but also growing social divisions within China.

The global flow of silver during this time caused disputes and changes economically as seen in documents 2,4,6,7,and 8. Mercado wrote the Manual of Deals and Contracts which was about the trade from China to the Philippines. The Asian commodities were attracted by the high prices, yet they destroyed Spain. In return, silver was used to pay for them. A British merchant, Ralph Fitch, discussed the trade controlled by the Portuguese between Macao and Japan. More than 600,000 coins of silver would be brought from Japan which became a great advantage in China. The Indians were impacted by the silver trade as well which was expressed by Antonio Vazquez de Espinosa. Spain was one of the countries that participated the most in the global flow of silver because of its various colonies, greatly advanced trading systems, and superior sense of mercantilism. For example, the Spanish colonies in Mesoamerica experienced dramatic changes in economy and exploitation of natural resources, as the Indian laborers were put to mining silver by the Spanish conquerors. The Spanish benefited by the exchange of currency while the natives found it disadvantageous. Mass amounts of silver left the mines of America for Spain and these amounts were produced by the labor of the Indians. Charles D’Avenant, an English scholar, wrote “An essay on the East- India Trade” which gave the English position on trade in 1697. D’Avenant notes that there is a high demand for...
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