The first truly global trade system, centered on one sole product, one that in no time would become so powerful, high on demand and connect people of Asia, Europe, The Americas, and Africa, silver. Spanish Colonial American and Tokugawa Japan, were the ones to lead into the silver production. However the urge for silver in Ming China was why it all began. The source of economical and social change was due to the flow of silver from the 16th to 18th century, causing major effects such as inflation, deflation, alteration on consumer's and producer's’ relationship.
Enormous deposits of silver were found in Spain “So huge is the wealth that has been taken out at of this range that according to most accounts in the Spanish royal records, 36.000.00 silver coins have been taken out” said Antonio Vasquez, a spanish priest(Doc 5). Little did they know that what once was an undeniable victory for the Spanish would soon become its economic instability.Silver was far from rare in Spain, “The Spanish have silver mountains, which they mint into silver coins”(Doc 6). Nevertheless, its same overabundance of silver was the cause of inflation.Spaniards soon began to feel the effect of it when everyday necessities became overpriced. …show more content…
With 160,000 people living in close proximity to the mines, Potosi soon became one of the most capacious cities in the world in the 17th century. “Extensive excavations took place in the ore at Potosi silver mine where more than 3.00 Indians worked away hard with pick and hammers,breaking up that flint ones; and when they had filled their little sacks, the poor fellows, loaded down with one; climb up the ladders or riggings, some like mast and others like cables, and so trying and distressing that even an empty handed man can hardly get up them” (Doc