Essay On Silver Trade

Once the silver trade had begun to take root, the Indian Ocean trade routes began to decline, after lasting about seven hundred years. During that time, China wasn’t effected as economically as it was socially and politically. China had began a tribute system with several Muslim nations across the Indian Ocean. Emperors would send diplomats sending gifts to the foreign lands. Although these mission were economically based, they places China on a higher standing point since the nations were paying them, raising them up politically in the world. During the mid-16th century all the way up to the early 18th century, the silver trade effected the social and economic stand point of each country that took part. For China, their economy was benefitted but also devastated because the peasants could not pay in silver. In England, they wanted to break away from China’s silver monopoly, but Parliament was not able to do that because they knew their people had become dependent upon Chinese goods and England could not risk any uprisings when trying to keep their social standing.
Although the …show more content…
England traded with China and then took some of the Chinese goods and traded them with the Africans. While this boosted the West African society, the interior states rapidly declined. Also, due to the mines needing more workers, this created an even bigger demand for slaves coming from Africa.
The purpose of the Spanish silver trade was to pull the Spanish economy out of debt. Slaves work hard to pull silver from the mines and in only eighty-three years, over three hundred twenty-six million pieces of silver have been taken out. However, this cannot account for the silver that has been smuggled to avoid the twenty percent tax or registry fee. Due to the few that escaped the tax or fee, this sent Spanish economy into turmoil, while they incessantly tried to pull themselves out of