Asked by caleb
The Spanish silver mines of Peru and Bolivia provided Euorope with a whole new currency. In what way would the Ottoman Empire be influenced by these New World mines?
Silver from the New World would have a lesser value in the Ottoman marketplace.
The silver mines of Peru and Bolivia would have little effect on the Ottoman Empire.
Western Europe would grow economically from the influx of this precious metal.
Classes would break out between Ottoman traders and European bankers over silver's value.
All Answers 1
Answered by
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Silver from the New World would have a lesser value in the Ottoman marketplace.
Explanation: The huge influx of American silver increased the global money supply and drove down the purchasing power of silver across Eurasia. The Ottoman economy experienced price inflation and currency debasement as a result; silver bought less in Ottoman markets than before, affecting tax revenues, wages, and trade.
Explanation: The huge influx of American silver increased the global money supply and drove down the purchasing power of silver across Eurasia. The Ottoman economy experienced price inflation and currency debasement as a result; silver bought less in Ottoman markets than before, affecting tax revenues, wages, and trade.
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