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Silver and Global Commerce (The Effects on China (Environment suffered…
Silver and Global Commerce
Truly global
Spanish America produced about 85%
Most of the supply ended up in China
Chinese goods could be purchased in the Philippines for silver
1570s
China issued a new single tax that could be paid in silver
Needed to sell more goods to make more tax
No longer could barter, had to pay in silver
Other goods purchased
Spices in SE Asia
Slaves in Africa
Process
Mined in Bolivia
loaded in Mexico
shipped to the Philippines
The Effects on Spain
Positives
Wealth + power
Rulers could pursue military and political ambitions
Supported the Spanish empire
Negatives
Inflation over time; value went down, prices went up
Spain weakens
The Effects on Japan
Shoguns used silver
To defeat rival feudal lords
To work with the merchant class and develop a market based economy
To invest in agricultural and industrial enterprises
To protect and renew Japan's dwindling forests :recycle:
People took steps to have fewer children to preserve the booming economy
Led to the industrial revolution in Japan
The Effects on China
More specialization IOT pay taxes
Environment suffered
More land used to grow cash crops
Loss of about 1/2 of China's forests
More commercialization