The Age of Discovery essays

The Age of Discovery essays The "Age of Discovery" from 1450 to 1650 lead to a new age of ocean travel, increased migration, and economic, political, and cultural expansion. First, the outward expansion of Europe began with the Viking voyages, and then the Crusades, but the presence of the Ottoman Turks in the East frightened the Europeans and forced their attention westward. Second, political centralization in Spain, France, and England prepared the way for expansion. Third, the Portuguese, under the leadership of Prince Henry the Navigator, pushed south from North Africa. By 1500 Portugal controlled the flow of gold to Europe and Diaz da Gama and Cabral established trading routes to India. The Portuguese then gained control of the Indian trade by overpowering Muslim forts in India. Fourth, many technological innovations lead to exploration. The development of the cannon, new sailing and navigational developments, such as the caravel ship, the magnetic compass, and the astrolabe, all supported expansion. They wanted to spread Christianity and their beliefs to foreign countries. People migrated due to limited economic and political opportunity for upperclassmen in Spain. Renaissance curiosity caused people to seek out new worlds. The economic motive, the quest for material profit, was the basic reason for European exploration and expansion. The Age of New Imperialism in the 19th and 20th centuries had many motives towards overseas expansion. First, economic motives, especially trade opportunities, were important. Although economic benefits were limited because the new colonies were too poor to buy much. Second, political and diplomatic factors also encouraged overseas expansion. The colonies were believed to be crucial for national security, military power, and international prestige. Many people believed that colonies were necessary to form great nations. The German historian Treitschke claimed that colonies were crucial to show racial superiority and nationa...

A Brief History of the Chinese Yuan Currency

A Brief History of the Chinese Yuan Currency Literally translated as the peoples currency the renminbi (RMB) has been the currency of China for over 50 years. It is also known as the Chinese yuan (CNY) and by the symbol  ¥. For many years, the renminbi was pegged to the U.S. dollar. In 2005, it was officially unpegged and as of February 2017, had an exchange rate of 6.8 RMB to $1 U.S. dollar. The Renminbis Beginnings The renminbi was first issued on December 1, 1948, by the Chinese Communist Partys Peoples Bank of China. At that time, the CCP was deep into the civil war with the Chinese Nationalist Party, which had its own currency, and the first issuance of the renminbi was used to stabilize Communist-held areas which assisted in a CCP victory. After the defeat of the Nationalists in 1949, Chinas new government addressed the extreme inflation that plagued the old regime by streamlining its financial system and centralizing foreign exchange management. The Currencys Second Issue In 1955, the Peoples Bank of China, now Chinas central bank, issued its second series of the renminbi that replaced the first at a rate of one new RMB to 10,000 old RMB, which has remained unchanged since. A third series of RMB was issued in 1962 which used multi-color printing technology and used hand-engraved printing plates for the first time. In this period, the RMBs exchange value was unrealistically set with many western currencies which created a large underground market for foreign exchange transactions. With Chinas economic reforms in the 1980s, the RMB was devalued and became more easily traded, creating a more realistic exchange rate. In 1987, a fourth series of RMB was issued featuring a watermark, magnetic ink, and fluorescent ink. In 1999, a fifth series of RMB was issued, featuring Mao Zedong on all notes. Unpegging the Renminbi From 1997 to 2005, the Chinese government pegged the RMB to the United States currency at about 8.3 RMB per dollar, despite criticisms from the United States. On July 21, 2005, the Peoples Bank of China announced that it would lift the peg to the dollar and phase in a flexible mechanism of exchange rates. Following the announcement, the RMB was reevaluated to 8.1 RMB per dollar.