Spanish price revolution spain became the richest county in europe by the end of the sixteenth century spain controlled the trade through the casa de contratación based in seville. The definition of the price revolution refers to the period between the 15th and 17th century in western europe where the high rate of inflation caused the prices of most commodities to increase around six times the original level during a period of around 150 years.
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Spanish conquistadors forced thousands of indigenous south americans into slave labor to mine silver and gold.
Spanish price revolution. A neoclassical analysis inproceedings forsyth1996thedo title the decline of spanish industry and the price revolution. The spanish revolution was a workers social revolution that began during the outbreak of the spanish civil war in 1936 and resulted in the widespread implementation of anarchist and more broadly libertarian socialist organizational principles throughout various portions of the country for two to three years primarily catalonia aragon. The revolution also confirmed spain s loss of most of its american colonies which had first risen during the napoleonic occupation.
Treasure and the price revolution in spain has led most casual readers to believe that the prime mover of that inflation was indeed american treasure. The price revolution is a period that was characterized by a high rate of inflation in europe the period lasted from late 15th century to mid 17th century and lasted for approximately 150 years. By law the colonies could trade only with the one port in the mother country.
An expression of gratitude is especially owed maria jesús aragón marisa guadalupe and jose luís martín for hospitality and access to the facilities of the university of salamanca. A neoclassical analysis author p. A rebellion in spain was also suppressed though only after several years foreshadowing more than a century of recurrent political instability.
New perspective on price revolution. The decline of spanish industry and the price revolution. I have benefited from a discussion with felipe ruiz martín who drew my attention to important sources.
The role of specie and specifically spanish american silver in causing the price revolution was a commonplace in classical economics and hamilton cites adam smith s statement in the wealth of nations p. However once the price revolution began from 1545 to 1560 it dramatically rose to a staggering 10 million troy ounces. 191 that the discovery of abundant mines of america seems to have been the sole cause of this diminution in the value of silver in proportion to that of corn grain 5.
In history of europe. Hamilton of course was hardly the first to contend that the the influx of spanish american silver had played such an impor tant role in the european price revolution. The price revolution sometimes known as the spanish price revolution was a series of economic events that occurred between the second half of the 15th century and the first half of the 17th century and most specifically linked to the high rate of inflation that occurred during this period across western europe prices rose on average roughly sixfold over 150 years.
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