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Chapter 12 - China Chapter 12 The West British East India...

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China Chapter 12 – The West British East India Company Cultural invasion of China spearheaded by Britain It’s success was built on the British East India Company o Chartered by Elizabeth I in 1600 In time the EIC became a merchant company and a provisional government It built and armed it’s own vessels o Maintained an army staffed with own officers o Acquired rights to levy taxes in India o Maintained law and order abroad in weak foreign provinces The EIC lorded power and influence over millions of indigenous peoples o Conquered overseas lands o Making treaties o Mete justice o Maintain harbors and ports o Build coastal defenses Every euro power kept one eye on Asian markets and one eye on their rivals The blitz began when Philip II banned the sale of Asian goods to Protestants (1598) This sparked the Dutch to get involved Then Dutch were drastically overcharging on spices sold to other Protestant nations This caused the English to sail east to carve out their own niche Britain entrenched first in India before reaching Canton Cargo ships sailing from Canton to London took a little more than 100 days to make it Thus, reliability was paramount over speed The first EIC factory in Canton was built in 1699 Trade involved silk, spices, lacquer, fans, and rhubard But tea reigned supreme o 12,700 chests of tea in 1720 o 360,000 chests of tea by 1830 o profit of some $14 million sterling Tea was dynamic o Costs fluctuated o Quality varied from high grade tea for the wealthy to cheap tea for the masses Tea bought largely with silver But silver was being exported out of England at an alarming rate Thus, they needed to find a new means to “pay” o Cotton o Piece goods o Wool
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o Tin o Opium from Bengal (India) Opium was a quick hit Became China number two import behind cotton China bought Opium with tea or silver But as the Industrial Revolution gained power, Britain needed to open more ports across China to sell and buy goods o Read 152 As the years went on, opium addiction became a serious problem From 1800 to 1838, Chinese opium consumption up by 40-fold 96-fold by 1873 China levied bans on opium But as in America, smuggling and drug running was rampant Addiction hit everyone o Stewards, politicians, soldiers, courtesans, o So bad that it was crippling the waning stability of the Manzhou dynasty The silver used to pay for opium created a trade imbalance In time, silver was flowing out of China to buy opium And little silver was flowing in to buy tea Thus, China was hit by inflation As China was now going broke, real fear gripped Chinese court
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