The production of silver in Spanish colonial America and Japan that began in the sixteenth century seemed to have a promising future ahead, however it caused not only economic but also social problems worldwide.
As the trade of silver increased in China it appeared to be beneficial, yet it quickly became clear that it was creating many problems in the Ming Dynasty. Due to the requirement placed in the early 1570s that all domestic taxes and trade fees be paid in silver there became a scarcity of silver. This was brought on by the lack of silver being disbursed back into its expenditures causing inexpensive crop despite the poor harvest season. (Doc 3) Xu Dunqui Ming mentions how this change in taxes also changed the way transactions occurred.
