The rise and fall of Spain, 1270-1850

"Two distinctive regimes can be observed in preindustrial Spain. A first one (1270-1590) corresponds to a high land-labour ratio frontier economy, largely pastoral, trade-oriented, and led by towns. Wage and food consumption levels were high as were living standards. Sustained per capita growth took place after Reconquista ended (1264) and until the Black Death and the Spanish phase of the Hundred Years War. Then, it resumed over 1390s-1590s only interrupted by mid-15th century political turmoil. A second regime (1590s-1810s) corresponds to a more agricultural and densely populated, low wage economy with growth occurring along a lower path since the late 17th century. Spain’s affluence by 1492 can be tracked down to the pre-Black Death era. Spain’s decline sinks its roots in the early 17th century. Per capita GDP growth in the early 19th century occurred, paradoxically, while Spain fell behind Western Europe."