Golden Age Of Spain Research Paper

Just like a lottery winner, Spain had won the jackpot in the late 15th century. The discovery of the New World had released an unforeseen flood of precious bullion from the silver-laden Aztec and Incan empires. This surge of wealth brought about the Golden Age of Spain, a flourishing period with a focus on more extravagant aspects of culture, such as advances in literature and the arts. The end of this period concurred with the fall of the empire in the 17th century. This was a time where the lack of silver did not necessarily cause the decline; nevertheless, it certainly highlighted the resulting problems stemming from a reliance upon the steady income of finite silver shipments. In hindsight, the subsequent decline of Spain was predictable. …show more content…
In fact, “no other country in Europe has had so much wealth and in so short a time ended up with so little.” Spain had begun taking her steady flow of riches for granted, forming policies catered towards maximizing profits, as opposed to developing a self-sustaining economy. The reaction to the “serious decline in transatlantic silver shipments after 1610” and “the disasters which befell the silver fleets in the 1620s” demonstrates how heavily Spain began to rely on its imported bullion. Yet, Spain still managed to persevere through its drought of silver shipments by taxing its people, installing covetous economic policies, and borrowing from high-interest banks. The focus was concentrated on spending the newfound wealth, rather than using it to improve the economic conditions in Spain. “Prosperity lay in the [forming] of the Spanish industry, and neglecting it only lead to its inevitable downfall.” Spain also constantly borrowed money from European bankers and, as a result, was left constantly in debt. Declaring bankruptcy multiple times in the years “1647, 1652, 1662 and 1666 (plus a partial suspension of payments in 1660)” placed further pressure on the Spanish government. Everything would be put on hold in order to pay off high priority debts. The high-interest rates on the borrowed money from European bankers was difficult for Spain to continue paying off. As a response to these economic problems, Spain introduced a couple of adverse revenue devices to help with the country’s aggravated

Show More

Druid Paper

Muslim Spain (711-1492) Essay

Queen Elizabeth I Research Paper

Personal Philosophy Of Communication

Mango Wine Essay

Reviewing The Psychological Effects Of Teenage Pregnancy, Through The Art Of Pablo Picasso

Country Analysis Greece Pat Essay

Essay about Bisphenol A BPA In U

Essay on Summary of History of Graphic Design by Meggs

Tiffany & Co Marketing Plan Essay