The Decline of an Empire and Early Stagnation (17th-19th Centuries)
Spain, once a formidable empire, had been weakening since the late 17th century, yet the 18th century still marked a significant period of change and reference. The trauma of transitioning from an empire to a peripheral state deeply affected the nation.
Causes of Economic Weakness
The causes of this decline included poor governance under the Bourbon monarchy, Napoleonic influence, and persistent political instability, which collectively hindered the full realization of necessary reforms. Furthermore, the loss of colonies, coupled with widespread bankruptcy and severe economic, social, and fiscal crises, exacerbated the situation. While modernization efforts had begun in the 18th...