C l a s s i c a l

B a r o q u e

05

The Long Term Effects of the Silver Trade and Its Economy

After the 16th century, Spanish Explorers discovered silver in Mexico and Peru, mainly in the Mexican North (Zacatecas), and the Andes (rich mines of Potosí).

In Mexico, they used African labor, whereas in South America they used indigenous labor since it was cheaper. In the long run these people became professional miners and spoke Spanish.

The Spainards used a system called the mit’a (originally created by the Incas) to mine the silver. During this time over 80% of the world’s supply of silver was found.