WTWA Chapter 12 Notes.pdf - Tuesday February 3 2015 WTWA...

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Tuesday, February 3, 2015WTWA Chapter 12: Contact, Commerce, and Colonization (1450-1600)IAS 45: Survey of World History -The Old Trade and the NewWell before commodities from the Americas entered Afro-Eurasian trade networks, commerce recovered from the destruction wrought by the Black Death-Merchant elites revived old trade patterns while establishing new networks-Increasingly, traffic across sea supplemented the overland transportation of goodsThe Indian Ocean and China seas emerged as the focal points of Afro-Eurasia’s maritime commerce. Ross these waters moved an assortment of goods, coordinated by Arab, Persian, Indian, and Chinese merchants who often settled in foreign lands to facilitate trade-European mariners and traders, searching for new routes to South and East Asia, began exploring the Atlantic coast of AfricaAlthough Europeans still and little to offer would-be trading partners in Asia, their developing capability in overseas trade laid the foundations for a new kind of global commerceThe Revival of Asian Economies -Trade all across Afro-Eurasia benefited enormously from China’s economic dynamism, which was driven primarily by China’s vast internal economyChinese demand for silver field a revival of trade across the Indian ocean and traditional overland routesReconstruction of the Grand Canal now opened a major artery that allowed food and riches from the economically vibrant lower Yangzi area to reach the capital region of BeijingUrban centers, such as Nanjing with a population approaching a million and Beijing at half a million, became massive and lucrative marketsDespite official restrictions on trade, merchants thrived, coastal cities remained active harbors-Silver became essential to the Ming monetary systemWhereas their predecessors had used paper money, Ming consumers and traders mistrusted anything other than silver or gold for commercial dealings1430s — once the rulers adopted silver as a means of payment, it became the predominant medium for larger transactionsHowever, China did not produce sufficient silver for its booming economy-Through most of the 16th c. China’s main source of silver was Japan1
Tuesday, February 3, 2015-After the 1570s, the Philippines, now under the control of the Spanish, became a gateway for silver coming from the New World-1/3 of all silver mined in the Americas during 16th and 17th c. wound up in Chinese hands-China’s economic expansion contributed to the revival of Indian Ocean tradeLong-distance merchants developed a brisk commerce that tied the whole of the Indian Ocean together. Ports as far off as East Africa and the Red Sea enjoyed links with coastal cities of India, South Asia, and the Malay PeninsulaMuslims dominated this trade India was the geographic and economic center of numerous trade routes-India’s manufacturing center, Bengal, exported silk and cotton textiles and rice throughout South and Southeast Asia-Exported more than it imported, selling textiles and pepper in exchange for silver

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