What was the significance of the silver trade on European empires in the early modern era of world history?
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Share this Title: Spain and America in the Making of Early Modern Europe Publication Date November 5, 2003 Silver, Trade, and War is about men and markets, national rivalries, diplomacy and conflict, and the advancement or stagnation of states. Chosen by Choice Magazine as an Outstanding Academic Title The 250 years covered by Silver, Trade, and War marked the era of commercial capitalism, that bridge between late medieval and modern times. Spain, peripheral to western Europe in 1500, produced American treasure in silver, which Spanish convoys bore from Portobelo and Veracruz on the Carribbean coast across the Atlantic to Spain in exchange for European goods shipped from Sevilla (later, Cadiz)… Silver, Trade, and War is about men and markets, national rivalries, diplomacy and conflict, and the advancement or stagnation of states. Chosen by Choice Magazine as an Outstanding Academic Title The 250 years covered by Silver, Trade, and War marked the era of commercial capitalism, that bridge between late medieval and modern times. Spain, peripheral to western Europe in 1500, produced American treasure in silver, which Spanish convoys bore from Portobelo and Veracruz on the Carribbean coast across the Atlantic to Spain in exchange for European goods shipped from Sevilla (later, Cadiz). Spanish colonialism, the authors suggest, was the cutting edge of the early global economy. America's silver permitted Spain to graft early capitalistic elements onto its late medieval structures, reinforcing its patrimonialism and dynasticism. However, the authors argue, silver gave Spain an illusion of wealth, security, and hegemony, while its system of "managed" transatlantic trade failed to monitor silver flows that were beyond the control of government officials. While Spain's intervention buttressed Hapsburg efforts at hegemony in Europe, it induced the formation of protonationalist state formations, notably in England and France. The treaty of Utrecht (1714) emphasized the lag between developing England and France, and stagnating Spain, and the persistence of Spain's late medieval structures. These were basic elements of what the authors term Spain's Hapsburg "legacy." Over the first half of the eighteenth century, Spain under the Bourbons tried to contain expansionist France and England in the Caribbean and to formulate and implement policies competitors seemed to apply successfully to their overseas possessions, namely, a colonial compact. Spain's policy planners (proyectistas) scanned abroad for models of modernization adaptable to Spain and its American colonies without risking institutional change. The second part of the book, "Toward a Spanish-Bourbon Paradigm," analyzes the projectors' works and their minimal impact in the context of the changing Atlantic scene until 1759. By then, despite its efforts, Spain could no longer compete successfully with England and France in the international economy. Throughout the book a colonial rather than metropolitan prism informs the authors' interpretation of the major themes examined. Reviews ReviewsAll serious students of Spain's national tragedies should find room for the book on their shelves. — Eric Rust — History: Reviews of New Books Sets a new standard for the writing of Spanish imperial history. — Michael J. Schreffler — Sixteenth Century Journal [The authors'] ability to synthesize a broad and disparate historiography on economic, political, and diplomatic developments in early modern Europe as they related to the new opportunities created by the opening of American territories represents a significant achievement and contributes to our understanding of the relationship between economic trends and political formation. — Ida Altman — American Historical Review This book is highly recommended to a broad array of scholars... The authors make a compelling case for the centrality of the Spanish Empire in the emergence of Europe's economic and political hegemony. — Jeremy Baskes — Historian This is a brilliant and pioneering study packed with research and is original in both its presentation and its conclusions... While communicating concrete historical information, the study stimulates the reader to speculate more widely on the fundamental problem of economic growth and the specific case of Spain. The authors inevitably take account of the evolution of the whole Atlantic world; in choosing so vast a canvas on which to execute their magisterial composition, they encourage scholars to take a more global vision of the problems of empire. — Henry Kamen — Economic Society Read More See All Reviews About Book DetailsPublication Date November 5, 2003 Table of Contents Preface Preface Author Bios Featured Contributor Stanley J.
Stein is the Walter S. Carpenter Professor in Spanish Civilization and Culture, Emeritus, at Princeton University. Featured Contributor Barbara H. Stein (1916-2005) was an independent historian and former bibliographer for Latin America, Spain, and
Portugal at Princeton University's Firestone Library. What was the significance of the silver trade?In fact, many scholars consider the silver trade to mark the beginning of a genuinely global economy, with one historian noting that silver "went round the world and made the world go round." Although global, much of that silver ended up in the hands of the Chinese, as they accepted it as a form of currency.
What was the significance of the silver trade in the early modern era of world history on the following?The silver trade was the first direct and sustained link between the Americas and Asia, and it initiated a web of Pacific commerce that grew steadily over the centuries. It transformed Spain and Japan, the two states that controlled the principal new sources of silver.
What impact did the silver trade have on European economies?One major effect was the introduction of cash crops to the new world to boost Europe's economy. Another major effect was New World and Japanese silver created a world trade network and silver-based currency. Slavery also became a major part in the Exchange and was efficient in silver mining and cash crop farming.…
How did silver trade impact the world?In Japan, the Tokugawa shoguns grew rich off the trade in silver, which they used to strengthen the state against warlords. In addition, the global silver trade encouraged the Japanese to produce other commodities for export, which then made their way to the Americas, Europe, and West Africa.
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