USA HISTORY

Detailed explanation-1: -After subjugating the Aztec and Inca Empires, the Spanish began mining the ample gold and silver in Mexico, Central America, and South America. Over the next 300 years, Spain’s wealth grew as they plundered the resources of the Americas, transporting the goods back to Europe to fuel a global economy of trade.

Detailed explanation-2: -Spain grew rich from the gold and silver it found after conquering native civilizations in Mexico and South America.

Detailed explanation-3: -By 1600, Spain had reaped substantial monetary benefits from New World resources. Gold and silver began to connect European nations through trade, and the Spanish money supply ballooned, which signified the beginning of the economic system known as capitalism.

Detailed explanation-4: -The Spaniards got their gold from indigenous peoples across their empire, but particularly from Cuba, Mexico, Colombia, and Peru. Artefacts and jewellery were melted down, and gold was extracted from local mines.

Detailed explanation-5: -The gold was used by the Spanish monarchy to pay off its debts and also to fund its ‘religious’ wars. Therefore, gold started to trickle out to other European countries who benefited from the Spanish wealth.