Which of the following describes an effect of the silver trade on Spain?
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If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Abstract Conversion of China's monetary and fiscal systems to a silver standard led to a doubling in the value of silver in China vis-à-vis the rest of the world by the early sixteenth century. Heightened profit opportunities induced an unprecedented surge in silver production in Spanish America and in Japan. Destined ultimately for China, tens of thousands of tons of silver passed through Europe via long-distance maritime and overland trade routes. Fifty tons of silver annually also reached China via the Pacific Ocean after the founding of the Spanish city of Manila in 1571. Japan exported huge quantities of silver to China until the late seventeenth century. New American crops were also introduced to Chinese agriculture via the Manila galleons, contributing to a doubling or more of Chinese population in the eighteenth century. Silver demand grew along with China's population, which in turn led to a fifty percent silver price premium in China. Largely in response to buoyant demand, more Mexican silver was produced during the eighteenth century than had been produced by all of Spanish America during the sixteenth and seventeenth centuries combined. Subsequently, during the second half of the eighteenth century, a "tea and opium cycle" propelled British fortunes in Asia. Economic, environmental, and demographic histories must not be viewed as independent phenomena. It is a mistake to view societies around the world as independent of or weakly connected to global forces. All heavily populated continents have been deeply connected since the sixteenth century. Journal Information Devoted to historical analysis from a global point of view, the Journal of World History features a range of comparative and cross-cultural scholarship and encourages research on forces that work their influences across cultures and civilizations. Themes examined include large-scale population movements and economic fluctuations; cross-cultural transfers of technology; the spread of infectious diseases; long-distance trade; and the spread of religious faiths, ideas, and ideals. Individual subscription is by membership in the World History Association. Publisher Information Since its establishment in 1947, University of Hawai'i Press has published over 2,000 books and over 900 journal issues. Within the worldwide scholarly community, University of Hawai'i Press is recognized as a leading publisher of books and journals in Asian, Asian American, and Pacific studies. Disciplines covered include the arts, history, language, literature, natural science, philosophy, religion, and the social sciences. The University of Hawai'i Press also serves as a distributor for more than 140 scholarly publishers in North America, Asia, the Pacific, and elsewhere. Rights & Usage This item is part of a JSTOR Collection. Publisher: Johns Hopkins University Press The 250 years covered by Silver, Trade, and War marked the era of commercial capitalism, that bridge between late medieval and modern times. Spain, peripheral to western Europe in 1500, produced American treasure in silver, which Spanish convoys bore from Portobelo and Veracruz on the Carribbean coast across the Atlantic to Spain in exchange for European goods shipped from Sevilla (later, Cadiz). Spanish colonialism, the authors suggest, was the cutting edge of the early global economy. America's silver permitted Spain to graft early capitalistic elements onto its late medieval structures, reinforcing its patrimonialism and dynasticism. However, the authors argue, silver gave Spain an illusion of wealth, security, and hegemony, while its system of "managed" transatlantic trade failed to monitor silver flows that were beyond the control of government officials. While Spain's intervention buttressed Hapsburg efforts at hegemony in Europe, it induced the formation of protonationalist state formations, notably in England and France. The treaty of Utrecht (1714) emphasized the lag between developing England and France, and stagnating Spain, and the persistence of Spain's late medieval structures. These were basic elements of what the authors term Spain's Hapsburg "legacy." Over the first half of the eighteenth century, Spain under the Bourbons tried to contain expansionist France and England in the Caribbean and to formulate and implement policies competitors seemed to apply successfully to their overseas possessions, namely, a colonial compact. Spain's policy planners (proyectistas) scanned abroad for models of modernization adaptable to Spain and its American colonies without risking institutional change. The second part of the book, "Toward a Spanish-Bourbon Paradigm," analyzes the projectors' works and their minimal impact in the context of the changing Atlantic scene until 1759. By then, despite its efforts, Spain could no longer compete successfully with England and France in the international economy. Throughout the book a colonial rather than metropolitan prism informs the authors' interpretation of the major themes examined. What did the influx of silver do to the Spanish economy?Influx of gold and silver
This deficit occurred on account of Spanish demand for foreign products exceeding exports to foreign markets. The deficit was financed by the metals that entered these foreign countries and in turn increased their money supply and drove up their price levels.
Which of the following was an important route by which silver from the Spanish Americas flowed to China?Silver from Spanish-American mines was so central to China's economy that the trans-Pacific trade route is better known as la ruta de la plata — a silver, rather than silk, road that integrated China into the world economy.
Which of the following describes how the fur trade affect indigenous peoples in North America?The fur trade resulted in many long term effects that negatively impacted Native people throughout North America, such as starvation due to severely depleted food resources, dependence on European and Anglo-American goods, and negative impacts from the introduction of alcohol-which was often exchanged for furs.
What was the main source of the silver that transformed the world economy in the early modern period?The global silver between the Americas, Europe and China from the sixteenth to nineteenth centuries was a spillover of the Columbian Exchange which had a profound effect on the world economy.
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