Final answer:
The patterns of the global silver trade between 1550 and 1800 were influenced by factors such as Spanish exploration and mining, the Price Revolution and inflation, and the process of commodification and capitalism.
Step-by-step explanation:
Contributing Factors to the Patterns of the Global Silver Trade between 1550 and 1800:
1. Spanish Exploration and Mining: The Spanish discovered vast silver mines in the Americas, particularly in places like Potosí, Peru. The influx of silver from these mines flooded the European markets and made Spain the primary source of silver during this period.
2. Price Revolution and Inflation: The Spanish used the New World silver to pay their armies and foreign debts, which led to a surge in prices and inflation in Spain and the rest of Europe. This economic impact is known as the Price Revolution.
3. Commodification and Capitalism: The process of commodification turned American silver into a tradable commodity and accelerated the development of early commercial capitalism. European powers saw the potential for wealth in New World resources and traded silver for goods from Asia.