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Fiscal Crisis and the Decline of Spain (Castile)

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  • Flynn, Dennis O.

Abstract

Earl J. Hamilton's multiple theses on the price revolution, the decline of Spain, and the birth of capitalism have all placed American silver (and gold) at the forefront. This essay supports Hamilton's emphasis on the impact of New World treasure on the decline of Castile, but from a different angle. Mining profits rather than the quantity of imports supported the empire. When the profits dwindled, as was inevitable, international superiority was begrudgingly surrendered to the emerging powers of the north.

Suggested Citation

  • Flynn, Dennis O., 1982. "Fiscal Crisis and the Decline of Spain (Castile)," The Journal of Economic History, Cambridge University Press, vol. 42(1), pages 139-147, March.
    • Handle: RePEc:cup:jechis:v:42:y:1982:i:01:p:139-147_02
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    Cited by:

    1. Roberto Bonfatti, 2008. "Decolonization: the Role of Changing World Factor Endowments," STICERD - Economic Organisation and Public Policy Discussion Papers Series 001, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    2. Richard Lachmann, 2011. "Coda: American Patrimonialism," The ANNALS of the American Academy of Political and Social Science, , vol. 636(1), pages 204-230, July.
    3. Carlos Álvarez-Nogal & Leandro Prados De La Escosura, 2013. "The rise and fall of Spain (1270–1850)," Economic History Review, Economic History Society, vol. 66(1), pages 1-37, February.
    4. Motomura, Akira, 1997. "New Data on Minting, Seigniorage, and the Money Supply in Spain (Castile), 1597-1643," Explorations in Economic History, Elsevier, vol. 34(3), pages 331-367, July.
    5. Irigoin, Alejandra, 2018. "Global silver: bullion or specie? Supply and demand in the making of the early modern global economy," Economic History Working Papers 90190, London School of Economics and Political Science, Department of Economic History.
    6. Drelichman, Mauricio, 2005. "The curse of Moctezuma: American silver and the Dutch disease," Explorations in Economic History, Elsevier, vol. 42(3), pages 349-380, July.
    7. Mauricio Drelichman, 2004. "The Curse of Moctezuma: American Silver and the Dutch Disease, 1501-1650," Economic History 0404001, University Library of Munich, Germany.
    8. Pilar Beneito & Carlos Chafer, 2017. "Current Account Imbalances and Cost Competitiveness: The Role of the Euro," Working Papers 1703, Department of Applied Economics II, Universidad de Valencia.
    9. Broadberry, Stephen & Gardner, Leigh, 2014. "African economic growth in a European mirror: a historical perspective," Economic History Working Papers 56493, London School of Economics and Political Science, Department of Economic History.

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