China and the Spanish Empire

Dennis O. Flynn and Arturo Giráldez

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 1996, vol. 14, issue 2, 309-338

Abstract: In this article we argue that Ming China had a fundamental impact on the rise and decline of the Spanish Empire. China's demand for silver was of such magnitude that private mining profits in the Spanish Empire remained high until about 1640. The decline of these profits led to abandon production. Spain faced a deepening financial crisis due to the fall of silver's value. The loss of purchasing power from the Crown's American enterprise was inevitable and the state's relentless pressure for increased taxation within Castile and elsewhere was mandatory in order to compensate for lost external purchasing power.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:14:y:1996:i:02:p:309-338_00

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