Money and Economic Recovery in Spain under the First Bourbon, 1701-1746

Abstract

FEwcountrieshave experienced a more catastrophic decline than Spain suffered in the seventeenth century when she lost the hegemony of Europe, Srlmlly held in the days of Charles V and Philip II, and sank into the ranks of tlle second-rate powers. At the dawn of the century effective control over the Protestant Netherlands slipped from her grasp, and Pcortugal began a successful revolt in I640. The legendary invincibility of the Spanish infantry, vv-hich had terrorized western Europe for over I50 years, vanished at Rocroy, in I643, with a crushing defeat by the French. Long and frequent wars with Louis XIV during the next half-century cost Spain dearly in men, territory, wealth, and prestige. The loss of naval strength from Lepanto and the Invincible Armada to the seizure of Jamaica by Cromwell paralleled the decline of military power fronz Pavia to Rocroy, and by I 700 the navy was merely a shad-