The Impact of the Spanish Empire on Spain's Economy in the Sixteenth and Early Seventeenth Centuries

By far the most important product of the Spanish Empire in the New World was bullion, which was brought to Spain by annual fleets from San Juan de Ulloa and Nombre de Dios. The gold and silver mines had once been owned by the Crown, but most were leased to individuals and companies, the Crown taking a portion of the treasure as rents. Hence each shipment contained both private and royal shares. Allowing for periodic fluctuations, the output of treasure increased steadily between 1530 and 1570, accelerated between 1571 and 1580, and reached a peak between 1586 and 1600 and again in the early seventeenth century. Thereafter, decline set in, becoming increasingly rapid after 1625. This process is illustrated in Fig. 2.