Galleon Trade and Economic History of the Philippines

These flashcards cover key terms and concepts related to the Galleon Trade, its impact on the Philippine economy, and its connections to historical figures and events.

Manila Galleons

Spanish treasure ships that transported goods between Manila, Philippines, and Acapulco, Mexico.

Monopoly

Exclusive control over the trade of goods, established by the Spanish government during the galleon trade.

Globalisation

The process of interaction and integration among people, companies, and governments worldwide.

From 1565 to 1815

Duration of the Manila Galleon trade route, which lasted for 250 years.

Encomienda System

A feudal system where Spaniards were granted land and labor from Filipino inhabitants.

Ilustrado

Educated Filipino class that emerged, enabled by the economic changes from galleon trade.

Suez Canal

Man-made sea-level waterway connecting the Mediterranean and Red Seas, enhancing global trade.

Ferdinand de Lesseps

Engineer who led the construction of the Suez Canal.

September 14, 1815

Date the Galleon Trade officially ended.

Government Monopoly

Control established by the Spanish government over trade, limiting competition.

Cash Crop Economy

An agricultural economy focused on growing crops for sale rather than for personal consumption.

Tobacco Monopoly

Spanish regulation requiring farmers in certain areas to exclusively grow tobacco.

Royal Philippine Company

An entity created to boost the Philippine economy, but which ultimately failed.

Economic Growth

Increase in the economic output of the Philippines during the 19th century.

Agricultural Exports

Products like sugar, tobacco, and abaca exported from the Philippines to other countries.

Royal Decree of 1834

Legislation that opened Philippine ports to world trade.

Cavite

One of the major ports in the Philippines involved in the galleon trade.

Binondo

Historic commercial area in Manila, notable for its business growth during the trade period.

Suez Canal Opening Date

November 17, 1869, when the Suez Canal officially opened.

Cultural Impact of the Galleon Trade

Influence on Philippine society and the rise of a more educated class.

Spanish Colonial Rule

Period during which the Philippines was governed by Spain, impacting local economies and societies.

Steamships

Innovation that reduced shipping times and facilitated global trade.

Trade Routes

Paths used for commercial transport of goods, crucial for the Galleon Trade's operation.

Forced Labor

Labor imposed on individuals, criticized for high mortality and ethical concerns during the Suez Canal's construction.

Economic Disparities

Significant differences in wealth and resources among different groups within society.

Filipino Entrepreneurs

Local businesspeople who emerged as trade expanded, gaining knowledge in finance and retail.

Spanish Control

Dominance maintained by the Spanish over trade and resources in the Philippines.

Industrial Growth

Rapid development of local industries in the Philippines to meet rising demands.

Natural Resources

Materials sourced from the Philippines, used for exports without fair compensation.

Labor Migration

Movement of workers from one field, such as textiles, to others like agriculture.

Resistance to Monopolies

Actions taken to oppose monopolistic practices during colonial rule.

Economic Reform

Changes aimed at improving economic conditions, often part of nationalist movements.

Noli Me Tangere

Rizal's novel that depicted the negative effects of limited access to international markets on Filipinos.

El Filibusterismo

Rizal's sequel novel highlighting injustices caused by foreign economic control.

Trade Liberalization

The process of reducing restrictions on trade to foster a more competitive market.

Filipino Standard of Living

Quality of life for Filipinos, which improved during the trade expansion.

Decline of Traditional Industries

Reduction in local production capacity due to the focus on export crops.

Economic Integration

The process of combining economies for enhanced trade relationships.

Economic Disadvantages

Negative consequences experienced by Filipinos during the galleon and world trade periods.

Change and Reform Movements

Social and political efforts advocating for better conditions and rights for Filipinos.

Manila Trading Hub

City's status as a central point for international trade during colonial times.

International Trade Routes

Paths connecting various countries for the purpose of commerce.

Indigenous Labor

Work performed by native Filipinos, often under exploitative conditions during the colonial period.

Impact on Local Economy

Consequences of colonial trade practices on Filipino businesses and livelihoods.

Economic Classes

Different socio-economic groups within society, particularly highlighted by Rizal.

American Merchants

Influential figures in expanding Philippine trade during the era of economic changes.

Filipino Resistance

Actions taken by Filipinos to oppose foreign and colonial exploitation.

Social and Economic Inequality

The gap between different economic classes, affecting access to resources and opportunities.