A World Created through Trade

Topics: British Empire, International trade, Slavery Pages: 5 (1913 words) Published: August 16, 2013
Intro The world economy has been linking distant and disparate peoples for thousands of years. Globalization and diversity are by no means the product of modern technologies and economies; instead they have been widespread throughout history. Even if at times most of the wealth was flowing towards Europe, obscure places profoundly influenced the usage of commodities. It was the deep-rooted cultural beliefs of local markets rather than the traditional notion of supply and demand that determined the value of different goods. 1 The people of the Fujian trade diaspora, out of Southeast coast of China spreaded across the world. A son would be given an opportunity to travel abroad and make money then come back to a wife as a reward. The Chinese tribute system focused more on culture, politics, and status, as opposed to economic gain, it still helped define a vast common market, giving it currencies, defining tastes that helped create markets worth producing for, and creating standards for its elite class. The Chinese monetary system originally used copper, bronze, and gold coins, but Chinaís growth caused a shortage of money. So, lead and iron coins as well as money notes (on paper) were used. The Asia centered world economy began to grow with the rise of Islam in the 7th century AD. The single power Islam guaranteed a safe passage between the two worlds. In addition, Marco Polo‚Äs travels (although they were sometimes considered fantasy) led to an extensive trade between East Asia and Europe. This led to world-political changes and minimized Europe‚Äs power. In central America, Aztec and Mayan civilizations‚ Äs economies came to a halt after the arrival of Spain due to Spain monopolizing the trade and global trade taking over. As trade grew, a common set of legal codes were adopted in the 16th-17th centuries in Southeast Asia, the use of which spread to other areas of law as well. However, by the 1700s, the European traders wanted to keep administrative costs low, The British mentality of merely wishing to make fortunes to send home instead of becoming wealthy, powerful local businessmen contributed to the efficiency of these corporations, allowing the British to rule many parts of Southeast Asia with ease. 2 The weight of products made land transport very expensive, so water transport was vital before the invention of the train. Despite the ease and low expense of water transport, many goods traveled by land due to the lack of waterways. sea power was used by Christopher Columbus in the discovery of the New World, although Columbus wasn’t as great as he was thought to be. He seemed to live by the saying “the end justifies the means.” He changed alliances and shifted opinions to get what he wanted. But he was on a mission to sail west, and he was able to get Queen Isabel of Castile to finance his voyage. Columbus’ calculations were off and there were doubts surrounding the success of his trip, and he reached the New World out of sheer luck and ignorance. The Suez Canal 1869, connecting Europe and Asia more easily and starting a chain of reactions that led to both positive and negative effects. On the good side of things, shipping costs fell 30%, and it took only about 1/3 of the time to ship goods and people than it had previously. Indonesia was effected most significantly however, and not so positively. The Dutch East India Company became even more dominant there, but their presence led to divisions among the different Indonesian groups and among the Moslems, Chinese, Japanese, and Europeans and imported laborers who came to live there. In British India, a massive network of railroads was built, with the expectation that an economic boom would result. World trade succeeded in connecting parts of the world that were completely different in technological advancement. For example, in the jungles of Central America, coffee was grown and carried on the backs of coerced laborers to river ports, where it was eventually to New York....
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Chapter 5 Review for the World That Trade Created Essay
  • The World That Trade Created Essay
  • Triangular trade of the modern world Essay
  • The world that trade created Essay
  • The World That Trade Created Essay
  • Essay about World Trade
  • International Trade and World Output Essay
  • The Shaping of the World Through Globalization Essay

Become a StudyMode Member

Sign Up - It's Free