Ming China (Or the Ming Dynasty from 1368 to 1644 A.C) demanded that Europeans pay for goods (as silk and porcelain) with gold or silver, because the Chinese didn't want any product that the Europeans could offer as exchange, due to that the silks and porcelains the Chinese produced were more valuable than the spices, wool and linen that the Europeans used to produce, and also the Chinese didn't need that products because they used to make them themselves.
Ming China demanded that Europeans pay for goods with gold or silver because they were not interested in any of European trade items.
It was considered as many scholars that silver trade was the mark of starting of global economy. Although during that period of time, Most of the silver ended up on the hands of people of China. People from Spain during the age of exploration discovered ample amount of Silver which they got from Potosí silver mines and that fueled up economy of Spain. The Spanish America silver mines were the cheapest source of silver in all over the world. The first paper currency in the world was introduced by China and in order to get some backing for that paper currency, The Chinese needed some commodity of back it.
Though coins were present during that time as a source of trade but coins were considered as dangerous means of transport because they were transported in bulk. The first paper currency was piece of papers with shape of coin printed on it. During that period of time, The China was not having any precious metals which could support their paper currency. Because the Spanish traders were not able to find gold but had huge amount of silver in stock, they used silver in order to purchase the commodities from China.
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Grade – High School
Subject – Economy
Chapter –Economy under Ming China
Keywords –Ming China, Economy, China, Chinese, Commodity, Silver, Gold, Paper Currency, Spain, Silver Mines, Spanish-America.
A. United Negro Improvement Association (UNIA)