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

Leticia Arroyo Abad and Nuno Palma
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Leticia Arroyo Abad: City University if New York - Queens College

No 179, Working Papers from European Historical Economics Society (EHES)

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.

Keywords: Denmark; enclosures; land inequality (search for similar items in EconPapers)
JEL-codes: N50 O43 Q33 F54 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2020-04
New Economics Papers: this item is included in nep-his and nep-int
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