Silver Trade DBQ
The global trade of silver had a devastating affect on the Chinese economy because China did not have the supply of silver that was needed to support their economy so they became dependent on the trade that the Europeans brought (1,3,7,8). In Europeans states like Spain and Portugal we see their economies benefiting from the increase of the global silver trade because they controlled silver mines in the Americas and India (2,4,6). In china the increase of silver trade brought greater social inequality between the social classes because they lacked a constant supply of silver, in Spain we also see and increase of social inequality because they had a much greater amount of silver that was not distributed fairly (3,5,6).
China used to have an economy based on bartering but now it has made its standard currency silver, this and the increase of global silver trade has caused devastating affects to their economy because of the lack of the silver coin that they actually had. Ye Chunji an official during the Ming dynasty was sent out to limit wedding expenses. This shows that people are spending their money on useless amenities that do not benefit the economy therefore we see a limit being place (1). Since this was a county official and most official were Confucian scholars that disliked people that portrayed themselves as extravagant, so Chunji would support this spending limit. Wang Xije a Ming dynasty court official said that the lack of the silver coin led to the fall of prices in grain. As the silver that China had became more scarce due to the fact that people spent their money on useless things we see the working class like farmers getting less profit from their crops because the lack of silver (3). Since court official in china were Confucian scholars and peasants were below them in the social hierarchy they wanted them to be prospering so they can prosper as well. China began depending solemnly on the trade with...