Impact of Silver During the 16th-18 Centuries

Satisfactory Essays
Impact of Silver During the 16th- 18th Centuries
In the year 1571, the global trade started based on Boxer’s logic. The city of Manila was gthe first ever city to initiate trade across the Pacific Ocean. Global trade is the exchange of valuable and substantial products that are desired by a continent, and in this case, it was silver. Silver played a prominent role throughout the global trade with China being the primary end-market for world silver for several centuries. (#2, p.393) The reason China was the primary source of silver is the result of having significantly high prices, whereas other continents had more suitable pricings. The central point is that all the great silver mines in both hemispheres sold ultimately to China. (#1, p. 202)
According to historian Herman Van der Wee: “in the Far East, silver was valued much more highly than gold in comparison with western Europe, so the western merchant had everything to gain from paying for his purchases in the east in silver.” (#2 p.394) This passage helps the audience better comprehend the importance of silver toward these continents and China to result in such high pricings (explain the quote). Throughout the centuries, other continents managed to reach the top in the sellings of silver, although with China remaining fairly constant, it resulted in China regaining being silver’s primary importer. Despite China’s success, a few issues may have occurred during these trends. The first issue has to do with the fact that China has taken full responsibility for holding the highest pricings compared to other continents. The second issue concerns global market reactions to these unusually higher values of silver in China which lead to the arbitrage trade, which is the value of a product being unusually higher than other areas which have a cheaper value for the product. But this arbitrage issue is crucial and nontrivial when placed in the context of monetary and trade history at the global level. (#2 p.396)
There

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Carver Lagos Modern World History Christopher Freeman March 14, 2013 Orientalism During the 16th and 17th centuries, it was very common for European explorers to come across native people in countries in different continents. Naturally, things such as these people’s culture, and overall way of living differed very much from their own European way of life. This caused them to be Orientalized, or criticized for the way they lived. People at this time were very skeptical and unaccepting of when…

    • 550 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    During the 16th and 17th centuries, a group of people known as the Puritans wished to “purify” the Church of England and reform the Church from its Catholic practices. At the time, these people were more of an unpopular unit, but still persevered and grew to be a very well known religious group. The Puritans had a set of beliefs that set themselves apart from other practices, and these values that they had influenced their daily lives, their own style of writing, and even life today. First and foremost…

    • 251 Words
    • 2 Pages
    Good Essays
  • Better Essays

    In the 16th Century War was very common, which is why we will be talking about weapons, armour and soldiers below. Weapons: During the 16th century most of England and Europe was at war. This lead to the development of new and improved weaponry. The quick development of weapons at that time period is still a trademark in time. This time period is known as the Renaissance or rebirth on the battlefield. In the 16th century guns were starting to be used in warfare. At first the guns were lit…

    • 1072 Words
    • 5 Pages
    Better Essays
  • Good Essays

    that mercantilist polices were most often enacted. Mercantilism arose in France in the early 16th century, soon after the monarchy had become the dominant force in French politics. In 1539, an important decree banned the importation of woolen goods from Spain and some parts of Flanders. The next year, a number of restrictions were imposed on the export of bullion. Over the rest of the sixteenth century further protectionist measures were introduced. The height of French mercantilism is closely…

    • 1019 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    VOC 16th century

    • 321 Words
    • 2 Pages

    exceeded al of its rivals on the East Asian spice trade. IN the 17th century the VOC sent almost a million Europeans to work in the Asian trade business. The British fleet was the closest competitor of the VOC, but the VOC was almost double as the British fleet. The VOC enjoyed huge and huge profits from the Asian trade market because they had the monopoly of the spices through most of the 17th century. During the 16th century the spice trade was dominated by the Portuguese. At the same time the…

    • 321 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Childhood in the 16th century was different to the modern day and 25% of children died before they reached the age of five. Medical treatments were rare; boys were working to help with their families whilst girls were made to become prostitutes or housewives. Around 18th century, poor children were made to work. In 1833 parliament passed laws to ban child labour. In 1870, Forster’s Education Act (Elementary Education Act 1870) enforced schools to provide education for all children. (Lambert, 2016)…

    • 160 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    16th Century England

    • 508 Words
    • 3 Pages

    The systematic and cultural subordination of women in 16th century England is demonstrated in the relevant documents and ancillary materials provided for this assignment. A tacit agreement on the inferiority of the female gender in this time heavily contributed to the objectification and abuse of women. Elizabeth I stood as an exception to the social norms of her time, ruling as a single female. Elizabeth’s thoughts on her rule walk a fine line between the legitimization of these archaic beliefs…

    • 508 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The protestant reformation The protestant reformation was a split in the church during the 16th century. It was initiated by Martin luther, and cased thousands of people to leave the church as a major protests that was started by questioning the way the church was lead. While this wasn't the first attempt to reform the Roman Catholic church the previous attempts would just fail. The protesters claimed that the church cared more about their money than looking after the people themselves. However…

    • 520 Words
    • 3 Pages
    Good Essays
  • Good Essays

    of the best and most correct prophecies we tend to ever encountered came from the words of a french seer <b>Michael Diamond State Nostradame</b> higher referred to as his latin coverted name <b>Nostradamus.</b> During the sixteenth century, he looked into the long run and saw several calamities that will occur to world, the destruction of the globe from a warfare and <b>Donald Trump</b> rising to power because the President of the u. s. of America. several…

    • 168 Words
    • 1 Page
    Good Essays
  • Good Essays

    16th Century Voyages

    • 896 Words
    • 4 Pages

    Voyages of Discovery The initial voyages that took place in the late fifteenth century and early sixteenth century are the most important events to understanding the modern world. Although humans had been migrating to different areas since they could walk, it was these voyages that opened up the entire world to all people. Trade, globalization, intermingling of races, science, technology, religion, and people discovering new lands are all a product of these initial voyages. Christopher Columbus…

    • 896 Words
    • 4 Pages
    Good Essays