Where did most of the silver end up after it left Spain What was the reason for its ultimate destination?
Answer: The ultimate destination for much of the silver produced in the Americas and Japan was China. Silver from the Americas flowed mostly across the Atlantic and made its way to the Far East.
What did the British finally start importing that the Chinese people wanted?
3. What did the British finally start importing that the Chinese people wanted? _ The British used the profits from the sale of opium to purchase such Chinese. By 1838 the amount had grown to some 40,000 chests imported into China annually.
What were contributing to driving the silver trade from 1550 to 1800?
The major factors that contributed to the global silver trade between 1550 and 1800 were competition for power, increasing demand for Asian goods, and prevalence of currency.
What was silver used for in ancient times?
Silver had great value and aesthetic appeal in many ancient cultures where it was used to make jewellery, tableware, figurines, ritual objects and rough-cut pieces known as hacksilver which could be used in trade or to store wealth.
What effect did the discovery and mining of gold and silver in the Americas have on China in the following centuries?
What effect did the discovery and mining of gold and silver in the Americas have on China in the following centuries? China accumulated much of the gold and silver because of trade with European merchants. In which period would Native Americans have been MOST likely to practice hunting and gathering? gold and silver.
What product did the European find that the Chinese wanted?
opium
What goods did Europe bring to China?
Silk Road, also called Silk Route, ancient trade route, linking China with the West, that carried goods and ideas between the two great civilizations of Rome and China. Silk went westward, and wools, gold, and silver went east. China also received Nestorian Christianity and Buddhism (from India) via the Silk Road.
Why was the silver drain important?
The Silver Drain was the concept of how most of the silver in late 1500’s to early 1600’s ended up in China. The silver was also used as the standard Spanish coin, also known as a “piece of eight”. This series of exchanges is important because it created a global network of exchange.
What was the smallest amount of silver and gold exported during that time in what years was this amount exported?
The smallest amount of silver and gold exported around that time was 0, this was exported in 1516- 1520.
What was the silver drain?
“silver drain”: Term often used, along with “specie drain”, to describe the siphoning of money from Europe to pay for the luxury products of the East, a process exacerbated by the fact that Europe had few trade goods that were desirable in Eastern markets; eventually, the bulk of the world’s silver supply made its way …
What was the impact of Spain’s silver trade with Asia?
The impact of Spain’s silver trade with Asia was that “It decreased the price of silver.” This is evident in the fact that Spain’s silver trade with Asia led to the government of China to start using these silver to mine their own currency, given the fact they were the biggest buyer of the silver from Spain.
What did Asia have that Europe wanted to buy?
Expert Answers Hover for more information. Spices from Asia, such as pepper and cinnamon, were very important to the Europeans, but other items Europeans coveted included silk and tea from China, as well as Chinese porcelains.
What was the significance of the silver trade in the early modern era of world history?
What was the world historical importance of the silver trade? The silver trade was the first direct and sustained link between the Americas and Asia, and it initiated a web of Pacific commerce that grew steadily over the centuries.
What impact did the silver trade have in Japan?
In Japan, the Tokugawa shoguns grew rich off the trade in silver, which they used to strengthen the state against warlords. In addition, the global silver trade encouraged the Japanese to produce other commodities for export, which then made their way to the Americas, Europe, and West Africa.
What does Potosi mean?
to be of great value
When did Europe first trade with China?
1517
Why did Europe want to trade with China?
Two reasons that Europeans wanted to increase trade with China are that the British wanted to set up western style diplomatic relations, and also find places to build more markets for the manufactured goods.
Why is Silver important China?
In exchange, the Chinese traded their popular goods such as silk and porcelain. China had a high demand for silver due to its shift from paper money to coins in the early period of the Ming Dynasty. Hence silver became of high value because it was a valid currency that could be processed abroad.
How did the trade of silver change the world’s economies?
In Europe, it allowed massive economic growth and allowed Europe to buy Asian imports it could not have otherwise afforded. In Asia, silver also promoted economic growth, slowly replacing paper currency and further enveloping Asia into the world economy.
Where does the silver come from?
The metal is found in the Earth’s crust in the pure, free elemental form (“native silver”), as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has long been valued as a precious metal.
What was sold on the Silk Road?
Besides silk, the Chinese also exported (sold) teas, salt, sugar, porcelain, and spices. Most of what was traded was expensive luxury goods. This was because it was a long trip and merchants didn’t have a lot of room for goods. They imported, or bought, goods like cotton, ivory, wool, gold, and silver.
How does silver effect the economy?
Most analysts, economists, and investors understand the insidious nature of inflation on portfolio value. Silver, on the other hand, is seen historically as a great hedge against that inflation. Inflation will erode the value of paper currency, and silver can provide protection against such losses in purchasing power.
What was the impact of New World silver on the European economy?
What was the impact of New World silver on the European economy? Profitable product of mining which prompted thousands of fatalities among indigenous workers and disastrous inflation in Europe called “the Price Revolution.”
Which European country was the first to trade with China?
Portugal