💎China's tax system, the Single Whip Reform, led to a massive demand for silver.
🌍The Spanish silver mines in Potosi, Peru, produced a significant portion of the world's silver.
📉The silver trade led to the decimation of indigenous populations and the enslavement of African people.
💰The silver trade fueled China's economic growth and made the Spanish Philippines a crucial node in global trade.
🌟This trade transformed China's history and established it as the center of world trade.
What led to China's demand for silver?
—China's tax system, the Single Whip Reform, required tax payments in silver, leading to a massive demand.
Where did Spain get its silver from?
—Spain's rich silver mines in Potosi, Peru, supplied a significant portion of the world's silver.
What were the consequences of the silver trade?
—The silver trade led to the decimation of indigenous populations and the enslavement of African people.
How did the silver trade impact China's economy?
—The silver trade fueled China's economic growth and made it the center of world trade.
What was the significance of the Spanish Philippines in the silver trade?
—The Spanish Philippines, particularly Manila, played a crucial role in facilitating the trade of silver from Peru to China.
00:04Foreign settlement high in the Andes mountain range of South America.
00:08The demand for silver in China leads to its worth becoming more than gold.
00:16China's tax system, the Single Whip Reform, requires tax payments in silver.
00:27Spanish silver mines in Potosi, Peru, supply China's demand for silver.
01:02The silver trade transforms China's history and establishes it as the center of world trade.
03:22King Philip II of Spain gathers a mighty Armada to wage a holy war across Europe and Asia.
03:35China's tax system forces it to import silver, leading to increased trade with Japan.
12:58The Spanish Empire discovers rich silver mines in Potosi, Peru.
