1493: Uncovering the New World Columbus Created

Mann shifts from the Atlantic to look at Pacific Ocean trade. In 1405, Zheng He led hundreds of ships across the Indian Ocean. The voyagers developed an astounding reputation, but in 1433, these journeys ceased. The Ming dynasty banned private sea trade for fifty years until a new emperor reopened private trade. Researchers speculate several reasons for the ban. Some suggest that the Chinese simply were not curious and were too bonded to tradition to increase travel and trade. Others believe that China had no incentive to continue these voyages because it was so wealthy and technologically advanced within its own structures. However, this limit in trade had profoundly negative effects for some parts of China, including Fujian, a province in Southeastern China that depended on seal trade to stave off famine. Zhu Wan, the governor of Fujian, drove out Dutch, Spanish, and Portuguese traders and executed smugglers and Chinese elites who benefited from the trade.

China introduced the huizi, the first example of successfully established paper money. Because huizi was fiat money, China was able to then export metals that would have been used for coins to other nations. During the Ming dynasty, inflation took hold and the value of this paper money decreased.