Sponsored by Disney+, Empires of Silver explores how silver transformed global trade in the 16th century. Set amidst the stunning Andes Mountains and the vibrant markets of China, this documentary examines the far-reaching effects of silver’s discovery and the Chinese Emperor’s mandate for silver taxation, which elevated its value above gold. As demand surged, Spain’s silver-rich mines in the Americas supplied this global trade, establishing the Spanish peso as the first global currency and connecting empires and economies like never before.
The documentary reveals how China’s reliance on imported silver left it vulnerable to external forces, ultimately leading to the Opium Wars. Britain’s efforts to counteract its trade deficit through opium exports to China led to a devastating conflict that marked the beginning of China’s “century of humiliation.” The film captures the dramatic rise of global trade and its lasting impact on nations, highlighting a period that would shape modern economic and cultural exchanges worldwide.
Key Takeaways:
- Global Silver Demand: China’s 1581 mandate created unprecedented global demand, elevating silver above gold in value.
- Spanish Silver Mines: The discovery of vast silver mines in Potosi, Peru, supplied this trade, driving economic growth but at a steep human cost for indigenous and enslaved populations.
- Trans-Pacific Trade: Manila galleons facilitated a trans-Pacific silver trade, connecting the Americas, the Philippines, and China in a complex, high-stakes network.
- Qing Dynasty’s Prosperity and Vulnerability: The influx of wealth strengthened the Qing Dynasty and fueled urban development but also attracted Western powers eager to exploit the imbalance.
- Opium Trade and Wars: The British East India Company’s opium trade destabilized China, leading to significant territorial and economic losses.
- Enduring Impact: The Opium Wars marked a turning point, triggering China’s “century of humiliation.” The conflict’s legacy and its impact on national sovereignty and economic control continue to resonate in modern China.
While initial prosperity benefited China’s urban centers and merchant class, the silver trade ultimately contributed to widespread social and economic challenges. This turbulent period profoundly affected China’s role in global trade, laying the foundation for its resurgence in the 20th and 21st centuries as a global economic powerhouse.