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- Silver mining in Mexico and in Peru required a tremendous laborsupply.- The Spanish coerced natives to work in mines.- Profits from silver made Spain wealthy and powerful and played a significant role in global trade: silver crossed the Atlantic into Europe; European merchants traded silver for silk and porcelain in Asian markets.- The founding of Manila by the Spanish in 1571 facilitated the global exchange of silver.- Some historians argue that silver was the world's first commodity in that it truly united the entire world in trade. There was increased demand for the commodity from China with the establishment of the Ming dynasty.
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