“This metal wasn’t just a commodity; it was the very backbone of the Middle Kingdom’s monetary system, its taxation, and its unparalleled commercial growth,” Giustra said.
British demand for Chinese goods such as porcelain, silk, and tea created a significant trade imbalance with China, with Britain’s silver flowing steadily eastward. To address this imbalance, British officials began selling opium into China from their Indian colonies, ultimately resulting in an entire nation addicted to the drug.
In the mid-1800s, the two nations went to war over the opium trade and silver demand, a conflict that resulted in Hong Kong becoming a U.K. colony.
“Thus began what Beijing today calls the ‘Century of Humiliation,’” Giustra said.