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Silver Trade Case Study

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#1 What were the differences in Japan and Spain concerning silver trade and their economies?

Japanese used the power of silver wisely. They defeated hundreds of rival feudal lords to unify their government. Along with that, they developed a market-based economy and invested in industry and agriculture. The Spanish didn't use and spend their money wisely. They had economic problems because they made bad investements, they used their money for palaces, leisure, and entertainment and entered many wars that they lost.

#2 Why is China called the "silver drain"? What impact does it have on China?

China is called the "silver drain" because the bulk of the world's silver supply ended in China because they demanded it for mandatory taxes from the
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Leading up to the silver trade, the majority of Spanish coinage

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With textiles from India restricted, it paved the way for Europeans to produce their own goods at competing prices with the Asians and stimulate their own economy. The Chinese, on the other hand, were receiving silver, an essential piece of their economy as it was their sole monetary form for taxes and other processes. In addition to unnecessary goods, the Spanish were experiencing increasing inflation. Tomas Mercado, a Spanish scholar, described the extent of this inflation caused by the lack of the circulation of the coins (Doc 1). The Chinese received so much silver for themselves that it could be used as ballast and the cobblestones previously used were left at the port.

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Document 2 is from a British merchant writing about Portuguese trade in the China, trying to express the advantage of trading in Japan for the exchange of silver. Document 4 is best understood in the context of silver mining becoming Latin America’s main source of trade and revenue. Through the production of

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Amelia Johnston Mr. D'auria October 21, 2015 The flow of silver between the mid-sixteenth century to the early eighteenth century changed the social and economic structures of many different countries and states. Tokugawa Japan and Spanish colonial America lead the global flow of silver from 1500 to 1750. The flow of silver had positive effects socially and economically in those two places. Contrastingly, Ming China and Britain both struggled with the new flow of silver.

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Spain earned a lot through trading with China. Written by Tomás de Mercado in manual of deals and contracts, it represented that in order to but the products in China, they had to pay a high price which ruined the economy and let silver flowed out of Spanish Empire. Moreover, some of the goods that Spain bought were stones (Document 3). Besides the economy, mining silver required huge amount of labors to work extremely hard. Represent in Document 6, there were more 3000 Indian workers worked hard everyday to mine the silver.

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It was a different outcome from the flow of silver. The positive came from the trading that took different routes around the world and increased as well. Many goods were flowed in and out helping to provide for both countries. The Portuguese is gaining great advantage of wealth, mainly because of China. They are trading with Chinese products with the Japanese to receive silver.

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If they don’t have enough silver they must borrow from a “moneylender”. In all likelihood this means that many Chinese city dwellers are in debt, leading to cities with distinct social classes. The rich will continue to live a luxurious life with all the silver currency, while the poor will continue to suffer in search for money (Doc.

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3). The people would work hard yet earn little only because the high class chose to keep the money rather than distributing it, taking a lot and giving back little. China would resort to loan sharks, only putting them deeper in debt due to not being able to paying back all the debts with their little earnings (Doc. 5). With the increase of the world silver production, it only caused the Europeans to grow selfish with their earnings. The Portuguese would buy all of Japan’s silver and goods, taking advantage of the trade of luxury (Doc. 4).

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The China economy was affected because of the globalization of silver that cause more people to be alter in ways. Most reasonable result of the silver being global, is the ‘greed’ that was direct towards money alone. People of the era all had thoughts of the changes. In Document 1, by a county official named Ye Chunji, wrote on the greed of the Chinese people. He stated how “The frugal man with only one bar of silver currency can have something left over, whereas the extravagant man with a thousand can still not have enough.”, telling how the men with enough money or silver coins to support their life, is still not satisfied with that amount, yet the men with just one bar of silver can be happy with just that because they can live off that alone for some time.

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China on the other hand had more problems in its bureaucracy and civic unrest. For example, some peasants who had lost their farms had to sell their children into service. A third difference is that as previously stated, China had a successful revival while Rome did not. Rome divided and the Western half survived but was diminished by attempts to regulate the economy and decline tax revenue ’s.

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All the work is done by the natives, but the foreigners take all the wealth of the colonies. Japan was isolated nation. When Japan was isolated nation, they didn’t have advance technologies and had limited resources because of their geographic feature. After 1853, they had contact with the western and they become modernized nations by adopting

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As China grew with population and technologies, so did their government. Their military was weak but they had the idea to make iron and steel weaponry. The increase of weapons allowed the Chinese military to have more power over the people. Yet, the downfall of their era was their tactics in controlling their army and the rebellious citizens. As China’s economy and population grows, so does the growth of politics and Urban life styles.

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The process of globalization, and its impact on economic growth have become the defining influence on the development of modern China. China 's integration into the global economic system has been a multifaceted and complex process, and one that China appears exceptionally eager to embrace. Encompassing domestic policy shifts, engagement with both global and regional institutions, as well as bilateral agreements with various countries, globalization has been an impressively orchestrated process initiated by the very top of the CCP. While advocates of globalization tout the growth of China as proof of its merits, analyzing the actual effects on the ground reveals a much more nuanced reality. Globalization has undoubtedly brought China more wealth and power, but it has also generated a host of other effects, both positive and negative.

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