this post was submitted on 03 Jan 2024
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chapotraphouse
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Yes. What’s fascinating is that Spain and Portugal didn’t even have a form of early capitalism in place like they had in England, Holland, or maybe the Italian city-states. So instead of using that gold and silver to develop the productive forces, the Iberian kingdoms built massive armies, navies, cathedrals, commissioned art, and otherwise just blew it all while other parts of Europe were happy to take their gold and silver and use it productively.