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Silver Silk and Manila Outline

1) The Manila Galleon Trade linked Asia and the Americas for over 250 years through the exchange of goods between China, the Philippines, and New Spain. 2) China wanted silver to stabilize its currency and economy, while New Spain produced 80% of the world's silver from Mexican silver mines. 3) The Philippines served as the hub of this trade, with Manila established as the center of exchange between Chinese traders supplying silk and Spanish traders supplying silver.

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96 views2 pages

Silver Silk and Manila Outline

1) The Manila Galleon Trade linked Asia and the Americas for over 250 years through the exchange of goods between China, the Philippines, and New Spain. 2) China wanted silver to stabilize its currency and economy, while New Spain produced 80% of the world's silver from Mexican silver mines. 3) The Philippines served as the hub of this trade, with Manila established as the center of exchange between Chinese traders supplying silk and Spanish traders supplying silver.

Uploaded by

Aia Tagle
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Silver Silk and Manila: Factors leading 1.

Cost to produce was higher than


to the Manila Galleon Trade its worth
2. Neigboring countries were not
By Tom Barker
capable of minting coins
3. Scarcity of coins caused
extensive counterfeiting
William Schurz – gave the first
comparative perspective of the Manila *So silver was used as the main
Galleon Trade (1939) form of money / payment
Manila Galleon Trade – aka “Birth of
the World Trade” Single-Whip Form – tax
payment in the form of silver (dati
- Links Asia in a continuous trade rice, grain, textiles)
which lasted for 250 years - 1570 – Single-whip form was in
China – wants silver ‘full swing’

New Spain – wants silk William Atwell – said it is


Philippines – hub for trade unlikely for Chinese to mine this
huge amount of silver.
CHINA
1393 – those who have planted
Ming Dynasty – tried to revive paper
mulberry trees are exempted
currency which serves as a means of
from land taxes
exchange. baochao
Persia – original supplier of silk in
Europe pero kasi raw silk benta
1390 – Ming gov’t took in 20 million
ng China and mas mura
guan and put into circulation 95 million
compared to silk from Persia
guan
1394- inflation was felt Two main locations of China’s
silk: Japan and New Spain
*Ming govt wanted to stabilize paper
money but failed 1572 – 1588 – 95% of China’s
*Copper coins and unminted silver exported goods is silk
became the dominant forms of currency
16TH and 17TH centuries – foreigners
knew that China needed silver
Richard von Glahn- 3 main problems
that existed with copper coins (15th –
16th century)
NEW SPAIN Manila – ideal location because malapit
sa China like lapit lang
- Tas matagal na may relationship
1550 – 1800 – Mexico and South
ang Manila and China so keri
America produced 80% of the
lang better ditto mga nung Sung
world’s silver
Dynasty pa
- 1570 palang 150 chinese na
Potsi – where majority of this
nandito
production took place
- 60% of silver was produced here

TIMELINE
Late 1550’s – late 1560’s – boom
production of silver
1571 – Manila was founded as a
Treaty of Tordesillas - treaty between Spanish entrepot
Portugal and Spain in 1494 in which
they decided to divide up all the land in 1572 – first trade between Chinese and
Spanish
the Americas between the two of them,
no matter who was already living there. 1573 – established na ang trading mga
Raw silk and cheaper – reason why besh
the Spanish prefer Chinese silk more
1576 – FIRMLY established ang trading
dahil tumataas lalo ang supply and
1592 – year where main source of silk is demand ng silver and silk
China
250 years- naglast yung trading for this
long
PHILIPPINES

Treaty of Zaragoza – Portugal’s claim


to the Indian Ocean and Asia
April 27, 1565 – Miguel Lopez de
Legaspi reached Cebu and established
the main settlement of the Phils.
1568 – Legaspi was pessimistic about
the Philippines, saying this land cannot
be sustained by trade.
1571 – main settlement was moved to
Manila

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