What were the effects of the discovery of huge amounts of Andean silver?

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The discovery of huge amounts of Andean silver played a significant role in the development of a modern world economy. It greatly increased the supply of silver, which was a major currency at the time, and led to a global trade network. This silver was used to finance overseas trade and the growth of capitalist economies in Europe and Asia. It also played a role in the development of the slave trade in the Americas. While it did contribute to Spain's power and ability to finance wars, it did not directly finance wars against Islam, nor did it lead to the expansion of the pope's power. The statement about China becoming the richest state in the world is incorrect; while China was a major economic power at the time, it was not the richest.

What Were the Effects of the Discovery of Huge Amounts