The heightened flux of the pound sterling, or the element known as silver between the 16th and 18th centuries caused social and commercial influences or effects in every region linked with trade by rising the unification of Europeans in the world trade, and at the same time creating prodigious economic opening and causing social division in China.
The impact of the flow of silver around the world on Spain’s economy can best be depicted in documents two and six. In document two, Spanish scholar, Tomas de Mercado, shows that the ships using ballast stones on the way out to sea and came back with huge amounts of silver. In document six, Spanish Priest Antonio Vasquez Espinos affirms that between the dates of 1545 and 1624, a total of 326,000,000 silver coins were taken out of the mines in Potosi.
Spain was a dominant participator in the world flow of silver due to its abundant amount of colonies, intelligent trading systems, and a sense of mercantilism during the 16th and 18th centuries. a good example of this is colonies in Mesoamerica experienced monumental changes in its economy and use of natural resources, while the Spanish conquerors put Indian labor workers to mine silver. Money exchange was positive for the Spaniards but negative for the Indians. The mines of America were left with large amounts of silver and the silver was produced by the work of the Indians.
Economic distoritions and conflicts occur between countries in Europe and Asia. This is shown in documents four, eight, and two. Document two shows that Spain’s prices caused economic downturns while prices in Asia for items were sought for and tons of silver was paid for these items. Documents four proves that countries were performing this action. Countries such as Portugal were using Japan to receive silver then using the silver to bring luxury goods from China. Document eight shows conflict within the trade. Many are saying that Europe is engrossed in the luxury trade and cannot survive without these luxuries. These items are not necessary and the people believe Europe should focus on other issues besides trading all the time.
The trade involving silver and luxurious items caused economic and social booms and conflicts. Europe and Asia were affected the most in this trade mainly because the trade was happening between countries in these continents. It would have helped if there was a document from a low class Chinese man to see if the immense flow of silver affected their lives as documents 3 and 5 shows. It would have also helped to have a Japanese worker or merchant to see if the trade affected Japan socially or economically like it did with China and Europe.