What was the effect of the galleon trade in the Philippines?

The galleon trade had a negative effect on economic development in the Philippines, since virtually all Spanish capital was devoted to speculation in Chinese goods. The importance of the trade declined in the late 18th century as other powers began to trade directly with China.

What happened during the galleon trade?

The so-called Manila Galleon (“Nao de China” or “Nao de Acapulco”) brought porcelain, silk, ivory, spices, and myriad other exotic goods from China to Mexico in exchange for New World silver. (It is estimated that as much as one-third of the silver mined in New Spain and Peru went to the Far East.)

What is the meaning of galleon trade?

The Galleon Trade was a government monopoly. Only two galleons were used: One sailed from Acapulco to Manila with some 500,000 pesos worth of goods, spending 120 days at sea; the other sailed from Manila to Acapulco with some 250,000 pesos worth of goods spending 90 days at sea.

Why did the galleon trade declined?

Almost half of silver dollars in trade would flow back into China. … In 1815, galleon trade was phased out after the Spanish king issued an imperial edict to abolish galleon trade due to the impact of independent movements in Latin America and free trade in Britain and America.

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How did the galleon trade affect Asia?

The effect of the Galleon trade in Asia, strictly commercial exchanges apart, was essentially to maintain the Spanish presence in the Philippines; Spanish action- 223 -outside those islands (the Japanese and later the Marianas missions excepted) was military and ineffectual; the Portuguese seem to have had more …

What was the effect of galleon trade in our country?

The galleon trade had a negative effect on economic development in the Philippines, since virtually all Spanish capital was devoted to speculation in Chinese goods. The importance of the trade declined in the late 18th century as other powers began to trade directly with China.

What is the advantage of galleon trade?

Advantages: The galleons brought Mexican silver, merchandise, and useful plants to the Philippines as well as other influences from Mexico and Spain. The trade generated revenue needed by the government.

How did galleon trade start?

The Manila-Acapulco Galleon Trade between the Philippines and Mexico started in 1565 and lasted until Sept. 14, 1815. For 250 years, Spanish ships crossed the Pacific Ocean and traded in various goods such as spice, cotton, jade, ivory, silk and gold.

What is the system used in galleon trade?

The Manila Galleon Trade Route was an economically powerful system of linking Spain with the commodities of Asia via Mexico. It consisted of two separate routes – westward from Acapulco to Manila and eastward on the return, following two separate belts of trade winds across the Pacific.

How many years did Spain colonize the Philippines?

On June 12, 1898, Emilio Aguinaldo declared the Philippines independent from Spain and proclaimed himself president. After ruling for 333 years, the Spaniards finally left in 1898 and were replaced by the Americans who stayed for 48 years.

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What era is the galleon trade?

Spanning a 250 year period from 1565-1815, the Manila Galleon Trade is a fascinating period in history which is addressed far too infrequently by textile scholars. The cross-cultural contact resulting from the Spanish conquest of America expanded to include Asia with the start of the trans-Pacific trade in 1565.

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