Born with a ‘Silver Spoon’: The Origin of World Trade in 1571

Abstract

THE birth of world trade has been described by C. R. Boxer in the following terms: “Only after the Portuguese had worked their way down the West African coast, rounded the Cape of Good Hope, crossed the Indian Ocean and established themselves in the Spice Islands of Indonesia and on the shore of the South China Sea. China was the dominant buyer of silver. On the supply side, Spanish America erupted with unprecedented production of the white metal. Conservative official estimates indicate that Latin America alone produced about 150,000 tons of silver between 1500 and 1800 perhaps exceeding 80% of the entire world production over that time span. Europe’s Dutch and English East India Companies are often viewed as prototypes of modern multinational corporations. The scholarly literature recognizes that huge quantities of silver flowed to Asia, but this phenomenon is considered a reflection of Europe’s balance-of-trade deficit with east Asia.

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