Silver Spoon The Origin Of World Trade Chapter Summary

Born with a “Silver Spoon”: The Origin of World Trade in 1571 Summary

The world has experienced many rises and falls of empires. From the sixteenth century to the seventeenth century the expeditation of silver stimulated the economy and affected many countries. New technology, trade routes, connections, and more have developed from the rise of silver. The reading Born with a “Silver Spoon '': The Origin of World Trade in 1571 clearly depicts how the increased bloom of silver influenced many countries' contributions to developing a new world trade system by China's consumption of silver adjacent to the rest of the world's production of silver. Ultimately, reliance on silver boosted Asia's trade, expedited Spain's profits, and established

Silver boosted trade across the world but especially in Asia. China's high demand for silver, driven by its growing economy and population, led to a surge in global silver production. This, in turn, facilitated international trade and commerce, as silver became a widely accepted medium of exchange across continents. In Asia, silver became the primary means of exchange, and its availability and abundance helped spur trade and commerce, connecting different regions within Asia and the rest of the world. In Japan, for instance, the influx of silver contributed to the development of a market economy, which transformed the country's feudal system. Japanese silver was extremely valuable to China just as the Ming territory's gold and copper were of value to Japan (Flynn and Arturo 1995, 207). This exchange was beneficial to both parties since China prospered off of

The influx of silver into Europe allowed European countries to become major players in the global trade system, establishing relations with other continents and trading partners. Europe, prior to the rise of silver, was in a trade deficit with east Asia resulting from their taste for Asian finery and Asia’s indifference towards European luxuries (Flynn and Arturo 1995, 203). America's supply of silver to Europe generated intrigue for Asia which created a path for New World Silver to travel from Europe to Asia and the flow of gold out of Asia to the West. This was assisted by the Manila galleons which transported tremendous amounts of treasures for America's benefit (Flynn and Arturo 1995, 215). America had a desire for Asian goods which was the source of the Asian-American trade deficit. Not only did Europe end its trade deficit with Asia but combated America's trade deficit as well. While Europe was a silver provider to Asia they were disposable and acted as reinforcements in case of Portuguese expulsion from Japan. Their ability to be a middleman notably benefited their economy and was their step into a new world of