Chapter

New World Gold

in New World Gold

Published by University of Chicago Press

Published in print May 2010 | ISBN: 9780226856186
Published online March 2013 | e-ISBN: 9780226856193 | DOI: http://dx.doi.org/10.7208/chicago/9780226856193.003.0002
New World Gold

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This chapter shows that money originated in the Indies. The visual spectacle of treasure filling both the House of Trade and the Mint at Seville overshadowed the growing importance of money as function. Having a fortune enabled one to acquire both status and power, yet the credit boom that prospered with intercontinental trade and the Spanish empire challenged the meaning and role of money in social life. Concerns about rising prices, the growth of financial markets, and the outflow of bullion persisted in the Indies, which was seen as both the source of infinite wealth and a threat to the benefits it was supposed to provide. Finances and capital were the consequences of treasures, yet they were eclipsed by the regular arrivals of enormous amounts of bullion from the New World, a premise that also defined the materialistic monetary policies of mercantilism. American literary works, economic writings, and chronicles all featured the Indies as an agent of change and disruption that altered the meaning and functions of money, transformed the structure of commerce, and corroded the ideals of civility.

Keywords: Spanish empire; Indies; gold; money; New World; commerce; civility; social life; prices; financial markets

Chapter.  10682 words. 

Subjects: Early Modern History (1500 to 1700)

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