Global Monetary Depression Essay -- World History, Chinese Economy

Whether or not one believes that the seventeenth century world-wide monetary depression actually occurred or if there even was a general crisis to begin with, it has been widely apparent that from 1601 to 1680, a transformation in economic history and a decline in international finance was underway. We cannot mistakenthough richly diverse the economya specific geographical region as if it fiscally rose or declined in isolation. Comparative studies are crucial however, it is yet another argument against the narrow parochialism which still afflicts the teaching of history in too many universities (Aston 3). Those of us who feed suffered while studying the Western past must not plummet into the similarly devastating Asian strain therefore, while juxtaposing the two influential economies of the 17th century, Europe (Spain) and Asia ( china), it is crucial to bear in mind the transnational fluctuations in domestic and oversea trade with regards to the global consequences monetary infl ation. Unlike their European counterpart, Chinese feudalism consisted of peasants, especially in the late Ming and early Qing, that were not directly tied to landlordsrather, their atypical Chinese socioeconomic feudalism was more of a commercialize peasant economy where market imports were driven by the demands of the general public (Kishimoto-Nakayama 228). On the surface, an unfathomable torrent of New World silver deposits controlled by Spain ameliorate much of the amounting debt and dissolved the liquidity crisis in Europe however, it also unleashed a devastating increase of bullion in Chinas over-heated economy which demoted global price levels on silverleading to the deleterious monetary inflation (Glahn 429). Since the source of profit from... ...y-rocketed levels of international trade, government spending, and populationthe main reason for Chinas financial inflation was due to global climatic changes that diminished agricultural yields, caused outbreaks of epidemic an d ultimately depreciated the purchasing value of money by increase market prices of staple goods. In this same context, despite the fact that one nations economy was in decline, it did not Moreover, the instance of Chinas financial crisis during the 17th century demonstrates the ultimate full scale of changes in a global economy and with respects to environmental factors. The significant economic downturns during the decimal point brought to light the constantly shifting organizations of the first markets during the modern era and the indigenous demands for natural resources which determined the direction of a countrys economic stability.