Trading economics philippines
Legarda, After the Galleons: But, trading economics philippines the author remarks: These sentences outline the plan of the book. Trading economics philippines 2 focuses on trading economics philippines domestic exports and economic changes in the Islands. Legarda follows Joseph A. Businessmen and trading economics philippines are introduced in relation to new technologies, activities and financial institutions.
Slaves, beeswax and gold were exchanged for porcelain, iron, lead, tin, trading economics philippines, etc. The early connection with China was going to have a crucial role in Philippine history. The presence of the Spaniards dramatically changed trading economics philippines position of the Philippines with respect to the Asian continent and placed the Islands as one of the crucial points in the global economy created by the galleon trade. American silver and predominantly Chinese silks were the commodities exchanged between Mexico and the Philippines.
A Ricardian model explains the trade. The bimetallic ratio of silver and gold in was 13 to 1 in Mexico, 11 to 1 in Europe and in China was 4 to 1.
Considering the price differential in silver prices: And indeed, they were. Net profits oscillated between and percent. Also the junks brought artisans and tradespeople to the Islands. The Chinese have played a crucial role in the Filipino economy since the sixteenth century up to the present.
Trading economics philippines eighteenth century witnessed plans and proposals to change the monopolistic framework of the galleon trade. After the British occupation ofwar frigates sailed between Trading economics philippines in Spain and Manila carrying European merchandise.
The regulation of libre comercio in allowed several Spanish ports besides Seville and Cadiz to trade with the colonies, which provided Mexico with new sources of merchandise. Revolutionary changes did not trading economics philippines in the eighteenth century — Philippine commerce was still a transshipping operation — but they sowed the seeds of future developments: The tobacco monopoly was established by Governor Jose Basco y Vargas by decree inwas implemented in and was the main source of fiscal revenue for Spain in the Philippines.
The decades from to were crucial in the economic history of the world and produced significant changes in the economy of the country. An increase in trade and navigation in Asia accompanied the opening of the Suez Canal. Goods like sugar, fibers, coffee, etc. The Spanish government granted shipping subsidies. These events and trends were common to the Southeast Asian transformations from subsistence to export economies. However, the trajectory followed by the Islands was different from the Southeast Asian path.
According to Legarda in the period between and The foreign merchants introduced trading economics philippines machinery, advanced money on crops which stimulated the opening of new agricultural areas and consequently exports grew. Textiles dominated imports accompanied by a decline of local manufacturing and in rice became an import commodity. British and Americans were predominant in the foreign trade.
The Chinese occupied the position trading economics philippines intermediaries between foreign western merchants and the domestic market.
In order to raise funds the merchant houses issued notes taking deposits in local currencies from people of different economic backgrounds. This capital was given as an advance to finance agricultural operations.
Western foreigners, public entities, and the Chinese joined rising domestic entrepreneurs. The Spanish government participated financially in the origination of utility companies steam navigation, telegraphy ; western investors entered some joint ventures with local capital rice, sugar mills, textile industry, railroads and electricityand domestic businessmen invested in the tranways and created the brewing industry. This processes of economic integration in the world market had its drawbacks.
Income disparities between regions and occupations became more marked. The domestic textile industry could not compete with foreign imports. The upside of these transformations was improvement in communications telegraphy, mail, cable, steamship lines, electricity, railroadsin finance foreign banks arrived to Manilaand in infrastructure.
The funds of the Obras Pias, a church institution employed in the past to finance the galleon trade, were used to establish the Banco Espanol-Filipino in and the Monte de Piedad a savings bank and a pawn shop in In the same year with Obras Pias monies coming from the cargo of the galleon Filipino, a municipal water system was built in Manila pp. Benito Legarda quotes Victor Clark who wrote: Historians of the Philippines have trading economics philippines excellent work.
With trading economics philippines, rigor and avoiding unnecessary jargon, After the Galleons addresses questions and processes that are still affecting our times. It is an indispensable book. Arturo Giraldez, along with his colleague Dennis O.
Flynn, is the editor of The Trading economics philippines World: Flynn and James Sobredo, he has edited in European Entry trading economics philippines the Pacificthe fourth volume of the series. Please read our Copyright Information page for important copyright information. Send email to admin eh. Newsletters To join the newsletters or submit a posting go to click here.
Giraldez, Arturo Published by EH. Asia Time Period s: