Silver & Growth of World Trade
In what ways did American silver facilitate the growth of world trade?The discovery of American silver and its subsequent influx into Europe and Asia had a significant impact on the growth of world trade, to the extent that it is accurate to say that the growth in trade at this time laid the foundations for a world economy. In the Early Modern Period there was a world market for silver, and "silver was a product produced for profit just like any other commodity." The discovery of silver in the Americas led to an increase in trade between the silver markets of the world. In particular, silver was widely used by Europeans to acquire goods from Asia. This increase in trade and the routes through which it was conducted, laid the foundations for a world economy. In the context of this essay, the concept of a "world trade" in the 16th and 17th centuries refers to the trade that took place between parts of Europe, Asia, and the Americas. It is necessary to be specific about the areas that engaged in this "world trade", as many regions of the world were not involved. However, in the world of the Early Modern Period, Western European expansion was facilitated by American silver in a number of respects. Unquestionably, the primary ben
In this sense, American silver was "instrumental in the creation of an integrated world economy. " The central European mines which were previously the largest source of silver in Europe, became uneconomic (with the exception of the most productive mines) when the abundance of American silver was discovered. " Previously, the only option available to European merchants wanting to trade with Asia had been conduct their trade via the Levant. The importance of silver to the viability of this trade route was critical. " This trade route was not unimportant, and according to Pearson, substantial amounts of silver reached Asia using this route. " Trade with Asia to the East, was substantially increased by the relatively high value of silver, especially in China. "Between 1550 and 1800, Mexico and South America contributed more than 80% of the silver and more than 70% of the gold produced in the world. various metal working industries" declined in these regions, and Western Europe became the centre of industrial activity. ) The Impact of American Silver on the World, (Anales, 2, 2, 1993. How this occurred and to what extent it was a consequence of the import of silver, "has been the subject of much scholarly debate. " According to Flynn, the discovery of American silver "may have contributed to the early transition to European capitalism by extending the range of east and west market activity.
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2 2 1993,
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Acceptance Essays
