Social and Economic Effects of the Global Flow of Silver Essay Example

participate in (Document 1). A Ming Dynasty writer, Xu Dunqiu, described the change from a barter based economy to a market economy, which provided many more opportunities for trade and a more universal audience (Document 5).

Qiaoyuan, who was another Ming court Official, pointed out to the emperor that Chinese goods were desirable and at an inflated rate the government would be able to earn a surplus amount of money (Document 7). Due to Qiaoyuan’s observation of the Chinese were able to gradually change their attitudes toward foreigners. The middle men received the most profit from silver, between the producer and consumer.

For example, the English merchant, Ralph Fitch, described the trade among Macao and Japan, noting that the Portuguese, who were the facilitators earned more money and had a greater advantage of the Chinese (Document 4). In contrast to Portugal, an English scholar, Charles D’Avenant noticed that England was exporting more silver to China and not able to reach its mercantilism values (Document 8). Since Europeans preferred the luxury goods in China, the economy of England and other European countries suffered due to the inflation.