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Manila is founded as the eastern terminus

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Miguel López de Legazpi established a Spanish city at Manila on Luzon, on the site of an existing settlement, and the transpacific trade acquired its permanent Asian terminus. Flynn and Giráldez have argued that this date rather than 1492 or 1498 marks the true beginning of world trade, on the ground that it is the moment all the populated continents became linked by continuous exchange in a single commodity — silver — with a single global price forming across the whole system.

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