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The Fruits of El Dorado: The Global Impact of American Precious Metals

Author

Listed:
  • Leticia Arroyo Abad

    (City University if New York - Queens College)

  • Nuno Palma

    (University of Manchester; Instituto de Ciências Sociais, Universidade de Lisboa; CEPR)

Abstract

The quest for precious metals and trade routes during the early modern period fundamentally changed the world. What was the global impact of the large deposits of silver and gold which existed in the Americas? In this chapter, we take a global view. We find that in Europe, England and the Netherlands benefited the most. By contrast, the colonizers par excellence, Spain and Portugal, were unable to profit from their colonial expansion. In Latin America, the exploitation of precious mineral resources enabled the geographic expansion of the empire. The direct impact on other parts of the world was negligible; but the long-term political consequences of European presence shaped the world as we know it today.

Suggested Citation

  • Leticia Arroyo Abad & Nuno Palma, 2020. "The Fruits of El Dorado: The Global Impact of American Precious Metals," Working Papers 0179, European Historical Economics Society (EHES).
  • Handle: RePEc:hes:wpaper:0179
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    Cited by:

    1. Carlos J. Charotti & Nuno Palma & João Pereira dos Santos, 2022. "American Treasure and the Decline of Spain," Economics Discussion Paper Series 2201, Economics, The University of Manchester.
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    4. Adam Brzezinski & Roberto Bonfatti & K. KıvançKaraman & Nuno Palma, 2020. "Monetary Capacity," Economics Series Working Papers 926, University of Oxford, Department of Economics.
    5. Palma, Nuno Pedro G. & Papadia, Andrea & Pereira, Thales & Weller, Leonardo, 2020. "Slavery and development in nineteenth century Brazil," CEPR Discussion Papers 15495, C.E.P.R. Discussion Papers.

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    More about this item

    Keywords

    Denmark; enclosures; land inequality;
    All these keywords.

    JEL classification:

    • N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism

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