Copyright Clayton E. Cramer All Rights Reserved. Electronic redistribution is permitted as long as no alterations are made to the text and this notice appears at the beginning. Print reproduction or for profit use is not authorized without permission from the author.
Calculated from Rebecca Horn, Postconquest Coyoacan: Stanford University Press,p. The overall role of Mexico within the Hapsburg Empire was in flux as well. Nothing signals the change as much as the emergence of silver mining as the principal source of Mexican exportables in the second half of the sixteenth century.
Silver Mining While silver mining and smelting was practiced before the conquest, it was never a focal point of indigenous activity. But for the Europeans, Mexico was largely about silver mining. Again, there has been much controversy of the precise amounts of silver that Mexico sent to the Iberian Peninsula.
What we do know certainly is that Mexico and the Spanish Empire became the leading source of silver, monetary reserves, and thus, of high-powered money. Over the course of the colonial period, most sources agree that Mexico provided nearly 2 billion pesos dollars or roughly 1.
The graph below provides a picture of the remissions of all Mexican silver to both Spain and to the Philippines taken from the work of John TePaske. This production has to be considered in both its domestic and international dimensions.
The residual claimants on silver production were many and varied. There were, of course the silver miners themselves in Mexico and their merchant financiers and suppliers.
They ranged from some of the wealthiest people in the world at the time, such as the Count of Reglawho donated warships to Spain in the eighteenth century, to individual natives in Zacatecas smelting their own stocks of silver ore. In the Iberian Peninsula, income from American silver mines ultimately supported not only a class of merchant entrepreneurs in the large port cities, but virtually the core of the Spanish political nation, including monarchs, royal officials, churchmen, the military and more.
And finally, silver flowed to those who valued it most highly throughout the world. Mining centers tended to crowd out growth elsewhere because the rate of return for successful mines exceeded what could be gotten in commerce, agriculture and manufacturing.
Because silver was the numeraire for Mexican prices—Mexico was effectively on a silver standard—variations in silver production could and did have substantial effects on real economic activity elsewhere in New Spain.
For this reason, the expansion of Mexican silver production in the years after was never unambiguously accompanied by overall, as opposed to localized prosperity.
Mexican silver accounted for well over three-quarters of exports by value into the nineteenth century as well. If there was any threat to the American Empire, royal officials thought that Mexico, and increasingly, Cuba, were worth holding on to.
From a fiscal standpoint, Mexico had become just that important. The ensuring conflict, known as the War of Spanish Succession, came to an end in The dynasty he represented was known as the Bourbons.
For the next century of so, they were to determine the fortunes of New Spain. One of them dealt with raising revenue and the other was the international position of the imperial economy, specifically, the volume and value of trade.
A series of statistics calculated by Richard Garner shows that the share of Mexican output or estimated GDP taken by taxes grew by percent between and The number of taxes collected by the Royal Treasury increased from 34 to between and An entire array of new taxes and fiscal placemen came to Mexico.
They affected and alienated everyone, from the wealthiest merchant to the humblest villager. If they did nothing else, the Bourbons proved to be expert tax collectors.
From the mid-sixteenth century onwards, ocean-going trade between Spain and the Americas was, in theory, at least, closely regulated and supervised. Ships in convoy flota sailed together annually under license from the monarchy and returned together as well.
Since so much silver specie was carried, the system made sense, even if the flotas made a tempting target and the problem of contraband was immense. The point of departure was Seville and later, Cadiz.
Under pressure from other outports in the late eighteenth century, the system was finally relaxed. As a consequence, the volume and value of trade to Mexico increased as the price of importables fell.
Import-competing industries in Mexico, especially textiles, suffered under competition and established merchants complained that the new system of trade was too loose.The Oregon Territory.
During the s, the United States was not as big as it is today. Thomas Jefferson made the Louisiana Purchase in that more than doubled the size of the country. + free ebooks online. Did you know that you can help us produce ebooks by proof-reading just one page a day?
Go to: Distributed Proofreaders. The Economic History of Mexico. The Economic History of Mexico.
The American Empire. By Wade Frazier. Revised July Purpose and Disclaimer. Timeline. Introduction. The New World Before “Discovery,” and the First Contacts. The Mexican war was the third major fought by the United States. In , Miguel Hidalgo y Costilla triggers the beginning of Mexico’s fight for independence from Spain. In , Miguel Hidalgo y Costilla triggers the beginning of Mexico’s fight for independence from Spain. The Oregon Territory. During the s, the United States was not as big as it is today. Thomas Jefferson made the Louisiana Purchase in that more than doubled the size of the country.
Richard Salvucci, Trinity University Preface. This article is a brief interpretive survey of some of the major features of the economic history of Mexico from pre-conquest to the present.
The American Empire. By Wade Frazier. Revised July Purpose and Disclaimer. Timeline.
Introduction. The New World Before “Discovery,” and the First Contacts. The Mexican war was the third major fought by the United States.
In , Miguel Hidalgo y Costilla triggers the beginning of Mexico’s fight for independence from Spain. In , Miguel Hidalgo y Costilla triggers the beginning of Mexico’s fight for independence from Spain. "Table 5, Population of Utah by Race and Sex - ," Faithful Mormon apologist John A.
Widtsoe, a member of the Quorum of the Twelve Apostles, debunked the more-women-than-men myth, but many members continue to use it.