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Chinese Economic Affairs

Paper type: Essay
Pages: 4 (952 words)
Categories: China, Economics
Downloads: 20
Views: 441

CAC Global trade patterns and domestic economic affairs was significant to the world. It affects how well the country is running and makes it under control. Global trade patterns and domestic economic affairs has changed and continued in China from 500 to 1750. As time progressed, trade patterns and the economy became sophisticated and prominent. Many people began to depend and on the economic issues. Currency has changed into silver which became a huge demand. Today, the global trade patterns and domestic economic affairs is the way due to history.

Due to unfortunate circumstances involved changed in currency and a look of diffusion, Chinese economy shifted a bit. As China developed lost contact with foreign regions and faced different conflicts, they changed trade patterns and domestic affairs. From the time period of 500 to 1750, the change and continuity of the use of Silk Road/Indian Ocean basin, the use of currency, and exporting goods stimulated in the global trade patterns and domestic economic affairs.

China has prospered from the Silk Road from a long period of time.

Once the Silk Road was established, it led to establishments of other intricate network of trade routes. It was a trade route across land masses which connected East, South, and Western Asia. Trades on the Silk Road was a significant factor in the development of the great civilizations and it helped lay foundations for the modern world. Many goods such as jewelries, spices, medicines, textiles, and etc were traded. The Silk Road was a source of cultural and economic diffusion between Asian and European societies. The Silk Road was always active and it became very prominent in the later years.

However, due to bubonic plague (Black Death) that traveled, many merchants died and got ill. Also, there were many bandits there who stole stuff so many people started to not use the road. Also, soon, the maritime trade got popular so many people got involved in the seafaring trade in the ocean. The Silk Road became less used and slowly lost fame. Due to the diffusion that went in and out, it’s disconnection had a significant fee on China. China lost contact with foreign people and lost relationship with the outside world of global ideas, cultures, and technology.

China especially became limited in foreign affairs with the Europeans. Not many people traded and not many people came into the Silk Road so it led to the downfall of China’s economy. The continuity that occurred was that the Silk Road was still being used. Even though all these disasters were occurring, people were still using the Silk Road to trade and to traveling. China depended and used the barter system for a long period of time. The barter system was trading item for an item and relying on interpersonal relationships for business.

However, under the Ming dynasty, the currency was changed into silver. Silver was being imported and exported from many regions into China, where thriving domestic economy demanded increasing quantities of silver. The demand of silver was so high that Europeans exchanged silver for Chinese gold which they got more profit from in Japan. The Ming dynasty in China only accepted silver and nothing else. All taxes were to be paid with silver and traded with silver which led to the frantic demand of silver. The monopolization of silver led many people to get silver because only silver was accepted.

However, the silver became overpriced since it was used as currency which led the Ming dynasty to not release silver in public. his lack of circulation had a huge impact on the economy which led to the downfall of the Ming dynasty. The change in currency damaged the Chinese economy so the currency changed. However, they used the currency to make the economy running by changing currencies. From the time period from 500 to 1750, China always has been manufacturing and producing their own needs. They imported goods they didn’t have or things that couldn’t be grown in their region but it wasn’t common.

Also, China always been exporting because of the amount of resources they had(huge). Their goods changed as time progressed and they imported/exported different goods. The Chinese people exported luxury times, slaves, jewelries, corn, and etc from different time periods. However, they were always exporting goods which circulated and stimulated the world economy today too. China supported silver during the Ming dynasty which became in very high demand. China exported large amount of goods of luxury items in order to pay for the silver.

The continuity that occurred was always has using the Indian Ocean Basin for trade and exporting goods. It was their maritime trade route which has been continuous like the Silk Road. Chinese cargos constantly roamed around the Indian Ocean Basin. exporting and selling goods all over the world, stimulating the world economy. China’s global trade patterns and domestic economic affairs changed and continued from 500 to 1750. China always had resources and goods available. China didn’t have to import often because most of the products were often produced or grown in China.

However, China exported tons of things under the Indian Ocean basin. Not only did they only use the Indian Ocean Basin but also the Silk Road. The Silk Road was an important factor in trading and in diffusion. However, due to diseases, maritime trade, and bandits, the Silk Road lost fame. The change of in currency into silver under the Ming dynasty also had a big impact on China’s economy. These factors had a significant impact in the circulation of global ideas, traditions, and technology. These factors also led to the change and continuity of global trade patterns and domestic economic affairs from 500 to 1750.

Cite this essay

Chinese Economic Affairs. (2018, Oct 11). Retrieved from https://studymoose.com/chinese-economic-affairs-essay

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