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China and the Spanish Empire

Author

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  • Flynn, Dennis O.
  • Giráldez, Arturo

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.

Suggested Citation

  • Flynn, Dennis O. & Giráldez, Arturo, 1996. "China and the Spanish Empire," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 14(2), pages 309-338, September.
    • Handle: RePEc:cup:reveco:v:14:y:1996:i:02:p:309-338_00
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    Cited by:

    1. Javier Mejía Cubillos, 2011. "Una interpretación neoclásica del fin del Galeón de Manila," Contribuciones a la Economía, Servicios Académicos Intercontinentales SL, issue 2011-09, September.
    2. Maria Alejandra Irigoin, 2009. "Gresham on horseback: the monetary roots of Spanish American political fragmentation in the nineteenth century1," Economic History Review, Economic History Society, vol. 62(3), pages 551-575, August.

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