2. "In countries where there is a great scarcity of money, all other saleable goods, and even the labor of men, are given for less money than [in countries] where money is abundant. Thus we
see by experience that in France (where money is scarcer than in Spain) bread, wine, cloth, and
labor, are worth much less."
Navarro, Spanish scholar, treatise, 1556
The descriptions reflected in the passage above are best understood in the context of which of
the following?
(1 Point)
The Spanish-Portuguese colonial rivalry in the Atlantic
Precious metals from the Americas infiltrating the Spanish economy
The practice of governments devaluing their currencies by reducing the proportion of precious metals in their
coins
The beginning of large-scale importation of silver by China from Spanish mines in the Americas