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Forced loans in the Spanish Empire: the first requisition of American treasures in 1523

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  • Sergio Sardone

Abstract

This article describes the policy of forced loans, employed in Spain by Charles V to solve the principal financial crises of the Royal Treasury and to fund the main military campaigns of the Habsburg Empire. Specifically, this study is focused on the first requisition of private American treasures—the earliest case of this in European history—which were expropriated in 1523 by the Casa de la Contratación (House of Trade) of Seville to finance the campaign of Fuenterrabía against the French army. The analysis of exceptional archival sources provides details of all the forced loans imposed on the holders of remittances (primarily gold) and the conditions for extinguishing the debts without causing harmful consequences to Atlantic traders. The article challenges the widespread view of the confiscations as an attack on property rights and overly simplistic ideas about the supposedly ‘highly absolutistic’ or predatory policies attributed to the Crown of Castile in some of the economic historiography.

Suggested Citation

  • Sergio Sardone, 2019. "Forced loans in the Spanish Empire: the first requisition of American treasures in 1523," Economic History Review, Economic History Society, vol. 72(1), pages 57-87, February.
    • Handle: RePEc:bla:ehsrev:v:72:y:2019:i:1:p:57-87
    DOI: 10.1111/ehr.12604
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    References listed on IDEAS

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    1. Daron Acemoglu & Simon Johnson & James Robinson, 2005. "The Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth," American Economic Review, American Economic Association, vol. 95(3), pages 546-579, June.
    2. Yun-Casalilla, Bartolomé, 1998. "The American Empire and the Spanish Economy: an Institutional and Regional Perspective," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 16(1), pages 123-156, March.
    3. Nogal, Carlos Álvarez, 1998. "Las remesas americanas en las finanzas de la Real Hacienda. La cuantificación del dinero de la Corona (1621–1675)," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 16(2), pages 453-488, September.
    4. Anonymous, 1998. "Bartolomé Yun-Casalilla: The American Empire and the Spanish Economy: An Institutional and Regional Perspective," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 16(1), pages 17-17, March.
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    1. De Magalhaes, Leandro & Giovannoni, Francesco, 2022. "War and the rise of parliaments," European Economic Review, Elsevier, vol. 148(C).

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