HIST BC 3116y Lecture 13: HofM_Lecture13_3:2
1 Nov 2016
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History of money lecture 13 (2 march 2016) Spanish monarchy: thirst for gold/silver did not diminish, far east were interested in no other commodity that europe produced other than gold/silver, 16th century (mines of potosi, zacatecas, etc. allowed for more silver to flow into. The way and the rate at which they move around (circulation) Things of value that can be commanded/controlled. Accumulation of abstract value in your nation. Amount of labor that goes into the production of goods that people want. Gold & silver are not wealth in itself; all commodities are wealth; influx of commodities is wealth: quantity theory of money. If money goes up, will it increase the production of output or yield an increase in prices. Spain: increase in prices, but no increase in output. Northern europe: profit margin went up that allowed them to advance technology, agriculture, etc.
