How does this era of politicalmilitarysocial begin

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Unformatted text preview: lver as the pivotal lubricant and that world lasts into the early 19th century. But by the 2nd decade of the 19th century, i.e. the end of the Napoleonic wars, we see clearly the emergence of the modern world of industrial capitalism, in which first GB and then the US grow to eminence on a global scale. What might be called the anglo- american hegemony of the 18th/19th century was not foreseeable in the 16th century, but comes out of the era of conflict from 1750- 1810. How does this era of political/military/social begin? Right around the year 1750, the Chinese demand for silver and the price it pays for silver plummets. We’ve been talking since the beginning of the course that around 1550 China became monometallic and was the largest economy in the world. paid twice as much for silver as any other country in the world. Drawing silver from the New world for 2 centuries. Why the drop? Not gold favored, government edict. Did rising social and political conflict do it? Population growth slump? Who knows, drop documented but not explained. Take drop as a given. The first outcome is clear enough, there is a recession in the silver economies and in global trade between 1750 and 1760 as the Atlantic world adapts to the sudden drop in demand for silver. Quickly, Europe figures out that if Europe still wants goods from Asia, and now the price paid for silver has cut in half, then Europe needs twice as much silver to gain the same amount of Asian goods (luxury) Europe ne...
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