In China, the increased flow of silver bullion heavily affected China's economy when the Ming Dynasty decreed that all taxes and trade fees be paid in silver. In the 1570's, the increasing scarcity of silver coin endangered the Ming economy as people were unable to pay for their taxes. This problem was presented by Wang Xijue to the Ming Emperor in 1593 in order to demonstrate the need of silver coin in China. As a court official, Xijue most likely felt that the declining economy may lead to public unrest and eventually to rebellions against the government, and he hopes to circumvent this through his report to the emperor (document 3). Likewise, He Qianyuan, another court official, denotes the declining economy of the Ming through a report to the emperor on the possibility of repealing the ban on foreign trade.
The global flow of silver majorly affected the involved people’s society and economy in both a positive and negative way. In documents 5, 1, 3, 6, and 7, these documents show how the demand of silver has changed the economy and the society. In document 5, it shows how the currency has changed from battering to paying in silver. In document 1, it shows how the economy and society has been affected with the silver flow because, with the high demand of silver it caused the value of silver to increase, and so the official is urging the people to save their silver since the government doesn’t distribute out enough. In document 3, the out official reports that the grain prices are dropping because the government isn’t giving out sufficient silver for the people to use.
Most of Rome’s currency was silver coins and as a result of the empire not gaining any more wealth from plundering and looting from conflicts they reduced the amount of silver used in the coins. Because of this roman citizens were charging higher prices for items so they would be receiving the same amount of silver. Inflation was not the empires only concern with the economy. The defense of the empire was very expensive and Rome also needed to maintain an active military, as a result Rome raised taxes that the average roman citizen could not afford.” The maintenance of the army and of the vast bureaucracy required by centralized government lead to strangling taxation” (The New Deal in Old Rome). Even with the raised taxes it could not provide enough money to maintain the empire.
For example there were trade routes that enabled exchange, the promoting of religion, and international trade. Also during the Mongol rule, China’s population decreased but stayed together as one nation. Whereas Russia split up and went to agricultural methods. Paper money started to spread also in both states and inflation occurred. Finally, Mongolian rulers hoarded precious metals which caused the economy to be deprived of them.
Vanessa Ibarra 3B, Hines 1/28/13 Silver Trade DBQ The increased flow of silver during the mid-16th centuries to the early 18th centuries caused numerous social and economic effects, even including aspects of many countries through trade, effecting land and the value of silver. These social and economic effects include increasing social class distinction in China and Europe, and even as well as hurting Spain’s economy. But also the global flow of silver during this time period caused many disputes and changes economically between involved countries as seen in documents four, eight, and two. According to the documents, the silver trade seems to raise many issues all over the world. One of the most critical issues was economic and social effects.
More and more companies are doing business in China due to the lower production costs. When doing business in a different country, they could have some policies and regulations that are different than the ones in the United States. They are many officials in these countries that will take a bribe in order to ensure a fast turnaround time in order for your company to receive a license. The Foreign Corrupt Practices Act of 1977 (FCPA) was empowered by the United States to investigate allegations of bribery anywhere in the world and are stepping up their activities in China (Roberts 2010). Technically, China does have some laws against taking bribes but there is a fine line between bribes and gift giving.
The Mongols introduction of paper money in Russia failed, likewise to how it did during the Tang Dynasty in 600-900 A.D. in China. People felt as though the Mongol money was worthless and it just added to the declining Russian economy caused by Mongol rule. The one noteworthy economic effect of the Mongol rule is the Russians profited from having the tribute collector of the Khan being in Russia. Also, the Mongols in Russia were called “The Golden Horde” and ironically enough, the Mongols took the Russian's gold and silver. The taking of their precious metals was such a strong action by the Mongols, proving to be a powerful catalyst to the Russian's economic descent.
I grouped documents 2 and 6 together. I grouped these two documents together because they show how the global flow of silver affected Spain’s economy. Document 2 shows us that the ballast stones were traded with the Filipinos for silver that the Spanish put in their ships to make them sturdier. However, the silver made the economy of Spain much better. In document 6 Antonio Vazquez de Espinos makes a claim that between the dates 1545 and 1624 approximately 326,000,000 silver coins were taken out of the mines in Potosi.
Social Security, taxes, health care is just a touchy subject for many older voters because they depend on it. There is way too much to talk about to write in an essay so that’s why I think I talk about the key points. This can tie up with economics because it is a circular flow of money, just like we went over in Economics class. One way or another we get money to spend money. In President Obama’s case he just makes money, re-opens failing businesses and spends more than we create or can pay back to china.
China would complain because their manufacturing would collapse. To them true Locavore system would mean famine. Our cars wouldn’t be around; we don’t produce rubbers or tires. So the air would be better and the streets but jobs would fall. “But before going all local food, the local locavores must realize that British Columbia produces forty eight percent of all food its inhabitants consume.