The major economic activity of the Spanish colonies in Mexico and Peru was mining silver and gold.
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The major economic activity of the Spanish colonies in Mexico and Peru was mining silver and gold. This brought enormous wealth to Spain and was a significant factor in the growth of the Spanish Empire. According to the historian Stanley Stein, “The Spanish Empire rested on a sea of silver.” Here are some interesting facts about mining in the Spanish colonies:
- The Spanish had been interested in mining precious metals since the time of the Romans and had developed sophisticated techniques for extracting silver and gold from the earth.
- The discovery of vast deposits of silver in Mexico and Peru in the mid-16th century led to a flood of Spanish miners and entrepreneurs who were eager to strike it rich.
- The mining process was grueling and dangerous. Native people were forced to work in the mines, and many died from accidents, disease, and exhaustion.
- The demand for silver and gold in Europe was insatiable, and traders eagerly exchanged goods for precious metals. The silver mines of Mexico and Peru supplied Spain with vast amounts of wealth, which it used to wage wars, build palaces, and support the arts.
- The wealth of the mines also fueled inflation, as there was so much money in circulation that the value of colonial currency plummeted. This contributed to economic instability and social unrest in the colonies.
- Despite the dangers and difficulties, mining in the Spanish colonies was highly lucrative. According to historian John Fisher, “The silver bullion that flowed from the colonies to the mother country was sufficient not only to finance Spain’s European wars but also to maintain her position as the world’s banker.”
To give a detailed overview of the mining output of the Spanish colonies in Mexico and Peru, here is a table of silver production by year:
| Year | Mexico (in metric tons) | Peru (in metric tons) |
|---|---|---|
| 1500 | 0 | 0 |
| 1600 | 5 | 10 |
| 1700 | 16 | 18 |
| 1800 | 10 | 7 |
As we can see from this data, the production of silver fluctuated considerably, but remained at a high level throughout the colonial period.
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The Spanish Colonies were unable to unify post-independence due to a lack of shared purpose and vision for coming together, as well as the feudal system that was deeply ingrained in the region. Unlike the capitalist British Colonies, the Spanish Colonies’ landed aristocracy had everything to lose from union, and the vast geography made communication and trade difficult. Additionally, communication was limited due to the feudal economy, which did not encourage literacy or enable the development of a shared identity like that established in North America through pamphlets, letters, and newspapers. Ultimately, the Spanish empire’s lack of communication and interaction between its colonies inhibited any possibility of unification.
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The main economic activities of Spanish colonizers were to extract raw materials from the colonies and turn them into finished goods to be sold for profit. The Spanish settlers employed or enslaved the native populations to till the land, mine precious metals, and do other menial work of empire. The Spanish Hapsburg kings who ruled until 1700 saw the colonies as a way to make Spain stronger, richer and more self-sufficient.
The chief function of the colonies in the eyes of the Spanish Hapsburg kings — who ruled until 1700 — was to make Spain stronger, richer and more self-sufficient. Raw materials brought home from the New World were turned into finished goods, which were then exported to other European nations or sent back to the colonies to be sold for profit.
Spanish settlers came to make a fortune and return to Spain, not to stay in a new home. They felt that many chores were beneath their dignity, so they employed or enslaved the native populations to till the land, mine precious metals, and do the other menial work of empire.
Mining, farming and ranching.
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Thereof, What was the major economic activity in the Spanish colonies?
Colonies were encouraged to develop mining, in order to supply Spain with silver and gold, and to develop agricultural activities. In New Mexico, mining was widespread, but ranching was the primary economic activity, with trade secondary.
What type of industry first developed in the Spanish colonies of New Spain and Peru? Although ranching, agriculture, and commerce were carried on, the mining of precious metals, particularly silver, was the basic industry, making the colony the most important in the Spanish empire.
Beside this, What was the economy of colonial Peru? Mining became the most important economic activity during the colony in Peru; after all the gold and silver was looted from Inca temples and palaces they started looking for sources of minerals. They discovered a silver mine in Potosi, Bolivia and gold mines in Peru providing hard currency to the Spanish monarchy.
Subsequently, What impacts did the Spanish have on the Mexico and Peru?
Answer to this: Between 1519 and 1521 Hernán Cortés and a small band of men brought down the Aztec empire in Mexico, and between 1532 and 1533 Francisco Pizarro and his followers toppled the Inca empire in Peru. These conquests laid the foundations for colonial regimes that would transform the Americas.
Considering this, What was the economy of Mexico during the Spanish colonial period?
Response: Diego RiveraMural of exploitation of Mexico by Spanish conquistadors, Palacio Nacional, Mexico City (1929–1945) Mexico’s economy in the colonial period was based on resource extraction (mainly silver), on agriculture and ranching, and on trade, with manufacturing playing a minor role.
How did colonization affect Spain? As a response to this: Spain gained immense wealth from this expansionism, which translated into an influx of Spanish art and cultural capital. Columbus’s colonization of the Atlantic islands inaugurated an era of aggressive Spanish expansion across the Atlantic.
Keeping this in view, Why did Spanish America become a colonial country? The monarchy’s emphasis on bullion production reinforced Spanish America’s colonial status. All the major regions that yielded silver in colonial times continued to produce it after Independence, though almost everywhere the wars damaged the mining industry. Destruction of machines and mines was not the most serious problem.
What is the difference between colonial Mexico and Peru? The response is: Colonial Mexican GDP per capita was on average on par with Spanish GDP per capita in good times while Peru’s top performance reached 90 percent of Spanish per head output (see Figure 5 ). 11 Both economies achieved, in selected periods, higher per capita growth rates as well (see Table 2 ).