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The exploration explosion took European navigation from the stay-on-known-routes affair common since ancient times to discovering new routes across the world's oceans & recording them for posterity. https://unenumerated.blogspot.com/2012/10/dead-reckoning-and-exploration-explosion.html … It gave them access to almost every culture on earth.
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Europe's advanced metallurgy, glass-making, and precision techniques allowed them to mass produce things that in most other cultures were far more scarce. Their tools and techniques would become even more advanced during the subsequent centuries of the industrial revolutions.
Traditional money & collectibles were valued for a supply curve secured by a costliness that was effectively unforgeable under traditional conditions. This allowed them to be used as stores & displays of wealth & media of wealth transfer. https://nakamotoinstitute.org/shelling-out/
Money and collectibles, and Veblen goods generally, are a perpetual contest between people trying to make unforgeably scarce goods and people trying to knock them off. When costliness becomes forgeable, collectibles become inflated and degraded.
Technology can cheapen a form of collectible or money by spoofing indicia of scarcity, the sensory and cognitive means by which members of a culture judge the scarcity of their collectibles, or simple via increasing the production of otherwise genuine articles, causing inflation.
Shininess (which occurs for example from the wear of long-worn shell beads) and other visual or tactile indicia were often, in pre-Columbian indigenous environments, secure and reliable indicators of the costly history of an object, and thus its constrained supply.
Another category of indicia of scarcity was (and still is, in the art world) indicia of artistic skill and effort -- the improbability of the artistic skill involved and time needed for that rare skill to produce a work of art or craft.
Size and in particular length was a common indicia of scarcity of a class of objects, for example the Rai stones of Yap. The Yurok categorized the value of their dentalia shells by size, and tattooed rulers onto their forearms for measuring them. https://unenumerated.blogspot.com/2017/02/conflict-and-collectibles-among-yurok_87.html …pic.twitter.com/SOTQokh5xt
Small polished metal objects and glass beads had a supernormal shininess and may have been the largest source of Columbian inflation in indigenous societies. These glass beads were made in Venice and exchanged in Mali in the 16th or 17th centuries.pic.twitter.com/JWapdPSQmL
Cultures that imported European collectibles or money eventually adapted their indicia, their methodologies for assessing and judging scarcity, to the new materials and techniques, but not before usually radical disruption to and inflation of their native system of collectibles.
The Iberian explorers and conquistadors and their successors opened up copious new supplies of gold and silver in the Americas. The resulting Colombian inflation in Europe is well known.pic.twitter.com/gFIh8BNozH
Most modern economists think this an acceptable, or even too low, rate of inflation. But many then considered it unnatural & dangerous. Very-long-term contracts, such as centuries-long or perpetual real estate tenancies, now imposed hardships & became embroiled in disputes.
European trade routes became global, and as a result the silver inflation became global. In 1575 the price of rice in China was about 20 grams of silver per hectoliter. By 1825 that price had risen to above 70 grams/hectoliter.pic.twitter.com/2Q7KgUj4du
Technological advances in the wake of the European expansion usually impacted indigenous collectibles more and more quickly. Here for example is the wampum price of beaver pelts in New Netherlands / New York in the mid-to-late 17th century. (Source: https://coins.nd.edu/ColCoin/ColCoinIntros/NNWampumCharts.html …)pic.twitter.com/1UWJaz9YOQ
Although this falls far short of 20th century fiat hyperinflations, it is comparable to most inflation in major fiat currencies. For example when the U.S. went off the Bretton Woods gold standard, its inflation was similar to the technological disruption of wampum shell beads:pic.twitter.com/Bx3XC0GWVG
The main indicator of scarcity for the famous Rai stones on Yap was their size, and they too succumbed to technological disruption.https://twitter.com/NickSzabo4/status/1152254987616940033 …
As their craft skills, precision techniques, and industrial technologies advanced, Europeans also increasingly disrupted each others' money.https://twitter.com/NickSzabo4/status/1145207850727178241 …
I would argue 1480s is too late a date. 1415 and the fall of Ceuta is the start of early Portuguese expansion, as an extension of the reconquista. Madeira and the Azores were already being claimed in the 1420s and 30s. West Africa rounded by 1460s.
Africa was a source of gold, not so much of silver. It would be interesting to trace gold prices back to that timeframe.
Agreed! Makes me want to research Elmina and the Gold Coast.
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