they were also very wealthy. they pulled an enormous amount of gold and silver from mines in mexico and peru from 1550- 1750. Then the mines ran out. Spain then fell back into poverty. All the money they brought back to europe went north to pay for their two centuries of extravagance.
that’s what happens to mere resource economies.
they were also very wealthy...that’s what happens to mere resource economies.
All true. They blew a lot of their wealth on wars in Europe. But I think that only the Spanish could have pulled off what they did. They had been at war against the Muslims for over 600 years. 600 years of fighting tradition! The very year they finally drive the Muslims out, Columbus discovers America and gives them two continents to conquer. I’m sure they believed that God had rewarded them for their faithful service. Along with the territory they discover what amounts to all of the gold and silver in the world in both Mexico and Peru. They had a pretty good run.