The Fruits of the Early Globalization: An Iberian Perspective (Palgrave Studies in Comparative Global History)

This book presents an unusual view on one of the most influential periods in world economic history: the Early Globalization. By this term, the notion that a process of genuine globalization took place in the Early Modern Era is defended. The authors propose that the canonical globalization that of the nineteenth and early twentieth centuries was preceded by a century-long increasing economic integration between continents that were non-existent before 1492. The economic aspects of the Early Globalization, like market integration, price co-movements and international silver circulation, were very important. Notwithstanding, other dimensions of human life, which were affected by unprecedented intercontinental contacts, including free and forced migrations, changes in tastes and consumption, etc. The Fruits of Globalisation deals with some of the most important issues among the former and the latter. The book combines approaches from different disciplines, including quantitative and non-quantitative economic history, econometrics, international trade and demography. Overall, the vision of the Early Globalisation offered in this book is less pessimistic than in mainstream literature on the period. Rafael Dobado-Gonzalez is Professor of Economic History, Complutense University of Madrid, Spain. He was Tinker visiting Professor at the Institute for Latin American Studies, Columbia University, New York, USA, in the second semester of 2010, and visiting scholar at the David Rockefeller Center for Latin American Studies, Harvard University, USA, on several occasions. He has numerous publications in economic history journals and books. Alfredo Garcia-Hiernaux is Associate Professor at Universidad Complutense de Madrid, Spain and researcher at Complutense Institute of Economic Analysis (ICAE). His research interests include econometrics and economic history Acknowledgments 7 Contents 8 Notes on Contributors 10 List of Figures 15 List of Tables 22 Introduction 24 The Fruits of the Early Globalization: An Iberian Perspective 25 Introduction 25 Book’s Structure and Short Summary of the Chapters 46 Part II. The Early Globalization: Description and Some Consequences 46 Part III. Trade and Consumption of Textiles in the Early Globalization 48 Bibliography 49 The Early Globalization: Description and Some Consequences 54 The Significance of Early Globalization: Arguments and Evidence 55 Introduction 55 Integration of Global Commodity Markets 56 The Rise of Global Trade and Migration 60 Consequences for Global Development 63 Debate 63 Africa and the Americas 65 Asia 69 Europe 76 Conclusion 79 References 80 International Migrations to Latin America and the Caribbean Until 1820 88 The Sixteenth Century 93 The Seventeenth Century and Eighteenth Century 100 The Structure of Transatlantic Migrations 107 Conclusion 108 Bibliography 110 The Fruits of El Dorado: The Global Impact of American Precious Metals 113 Introduction 113 Impact on European Economies 114 Fiscal Revenue 115 Short and Medium-Term Effects 117 Long-Term Consequences for Iberia 122 Long-Term Consequences for Other European Countries 127 Impact on Latin America 130 From Conquest to Colonization 131 Building the Backbone of the Empire 134 Imperial Fortunes 134 A Counterfactual Metal-Less Empire 138 Impact on Africa and Asia 139 Conclusion 141 References 143 Prices and Money in the Globalization of the Early Modern Era 150 Introduction 150 Golden Age and Collapse of Silver Production 152 Silver Scarcity and Decline of Prices 158 Silver as International Mean of Payment and Price Comovements 161 Statistical Analysis of Prices and Silver Production Series 171 Concluding Remarks and Further Research 184 References 185 The Impact of Early Iberian Globalisation on Austrian Mining Ventures 190 Austrian Mining Industries as an Asset 192 Austrian Mining Industries Contested 197 Conclusion 202 Bibliography 203 Trade and Consumption of Textiles in the Early Globalization 206 “The Last Link of an Emergent Global Economy: The Manila Galleon” 207 The Age of Commerce of the Philippines Before the Galleons 207 Spanish Settlement in the Philippines 211 The Economy of the Line & the Peruvian /Japanese Cycle During the Sixteenth and Seventeenth Centuries 214 The Eighteenth Century: The Mexican Cycle and the End of the Line 223 The Beginnings of Globalization 227 Bibliography 228 Weaving a Global Trade Pattern: The Portuguese Role in the Globalisation on Asian Textiles, 1500–1800 233 Building-Up a Market (ca. 1500–1640) 238 From Demise to the Rise of a Niche Market in the South Atlantic (ca. 1640–1800) 254 Epilogue—A Never Ending Story 264 Sources 265 Manuscripts 265 Works of Art 266 Bibliography 267 Memoirs of the Fruits of Globalization: The Markets for Chinese Textiles in New Spain by Jean de Monségur 276 An Economic Report, or Intelligence Gathering? 276 European Rivalry 279 Societal and Consumption Patterns 281 Asian Taste and New Luxury Goods for New Consumers in New Spain 288 Galleon San Francisco Javier 292 Fashion as Fruit of Globalisation 300 Remarks on Monségur’s New Memoirs 305 Bibliography 315 Index 322 This book presents an unusual view on one of the most influential periods in world economic history: the Early Globalization. By this term, the notion that a process of genuine globalization took place in the Early Modern Era is defended. The authors propose that the canonical globalization--that of the nineteenth and early twentieth centuries--was preceded by a century-long increasing economic integration between continents that were non-existent before 1492. The economic aspects of the Early Globalization, like market integration, price co-movements and international silver circulation, were very important. Notwithstanding, other dimensions of human life, which were affected by unprecedented intercontinental contacts, including free and forced migrations, changes in tastes and consumption, etc. The Fruits of Globalisation deals with some of the most important issues among the former and the latter. The book combines approaches from different disciplines, including quantitative and non-quantitative economic history, econometrics, international trade and demography. Overall, the vision of the Early Globalisation offered in this book is less pessimistic than in mainstream literature on the period. Rafael Dobado-González is Professor of Economic History, Complutense University of Madrid, Spain. He was Tinker visiting Professor at the Institute for Latin American Studies, Columbia University, New York, USA, in the second semester of 2010, and visiting scholar at the David Rockefeller Center for Latin American Studies, Harvard University, USA, on several occasions. He has numerous publications in economic history journals and books. Alfredo Garcia-Hiernaux is Associate Professor at Universidad Complutense de Madrid, Spain and researcher at Complutense Institute of Economic Analysis (ICAE). His research interests include econometrics and economic history.