Trade and the Colonial Economies, 1500-1828

1
T ade and he Colonial Economies, 1500-1828
Cá ia An unes – Leiden Uni e si y
Regina G a e – Eu opean Uni e si y Ins i u e, Flo ence
Xabie Lamikiz – Uni e si y o he Basque Coun y (UPV/EHU)
16.1 In oduc ion
Economic his o ians ha e placed comme cializa ion a he cen e o Eu ope’s ea ly
mode n capi alism, emphasizing he impo ance o domes ic and in e na ional ade,
shipbuilding and concomi an indus ies, he inancial sec o and u baniza ion. As he
Ibe ian poli ies ex ended geog aphically o A ica, Asia and he Ame icas du ing he ea ly
mode n pe iod, ade, whe he domes ic, in e na ional o colonial, had a c i ical e ec
upon economic de elopmen . Howe e , as we will see, he economic impac o
colonial expansion was une en ac oss Ibe ia. The e is now a consensus among
economic his o ians ha in Ibe ia comme cial exchange associa ed wi h he o e seas
empi es p oduced su p isingly ew backwa d and o wa d linkages in he Eu opean
na ional economies (O’B ien & P ados de la Escosu a, 1999; Cos a e al., 2015). The
ques ion his chap e seeks o add ess is hus o wha ex en and how Ibe ian ade,
especially colonial ade, suppo ed o hinde ed economic de elopmen in he ea ly
mode n pe iod.
The gene al ends and cycles o economic and comme cial expansion a e clea . As
seen in Chap e s 10 and 11, he Ibe ian Peninsula eme ged om he economic and
demog aphic se back b ough abou by he Black Dea h (1347–1351) in o a pe iod o
e i o ial and ma i ime expansion. In 1415 he Po uguese conque ed Ceu a in Mo occo.
By 1500 he Po uguese popula ion had eco e ed o p e-plague le els despi e ecu en
amines (see Chap e 11). Popula ion g ow h picked up ac oss he peninsula o e he
six een h cen u y accompanied by an inc ease in ag icul u al ou pu , he de elopmen o a
signi ican manu ac u ing sec o , and he Ch is ian conques o he las sou he n Islamic
poli y, G anada, coinciding wi h he ea ly conques s in he Ame icas. In he las qua e o
he six een h cen u y, howe e , g adual changes in geog aphies o in e na ional ade and
subsequen p ocessing in he supply chains led he Ibe ian kingdoms i s o s agna ion, and
hen o a pe iod o decline ha ound i s nadi in he 1630s.
The Po uguese economy subsequen ly ollowed a pa h o g adual expansion o
popula ion and pe capi a income om he 1630s o he 1755 Lisbon ea hquake (wi h he
excep ion o yea s o he Wa o Spanish Succession, 1701–1714). This was ollowed by a
slow-down du ing he second hal o he eigh een h cen u y. Spain eco e ed mo e slowly
om he c isis in he se en een h cen u y. O e all he popula ion g ew om he 1640s
onwa ds, wi h he highes annual a es occu ing in he eigh een h cen u y. In he a e ma h
This ma e ial has been published in e ised o m in An Economic His o y o he Ibe ian Peninsula, 700-2000 /edi ed by Lains, P. e alii h ps://
doi.o g/10.1017/9781108770217.018 . This e sion is ee o iew and download o p i a e esea ch and s udy only. No o e-dis ibu ion o e-use.
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Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
2
o he pos -1590s c isis a signi ican shi saw he cen es o economic g a i y mo e
pe manen ly om he in e io o he coas al egions in he wo la ges eigns, Cas ile and
A agon (see Chap e 11 and Ál a ez-Nogal & P ados de la Escosu a, 2007b). The end o
he eigh een h and beginning o he nine een h cen u y wi nessed a ela i e decline o he
Ibe ian economies, culmina ing in he F ench in asion and he ensuing Peninsula Wa
(1807–1814), a con lic ha seemed o con i m Po ugal’s and Spain’s place as
economically backwa d na ions o he Eu opean pe iphe y.
Recen esea ch s esses he signi ican di e gence in impac o colonial and
in e con inen al ades be ween Spain and Po ugal. Wi hou he empi e, Po ugal’s pe
capi a income may ha e been a leas one- i h lowe (Cos a, e al., 2015). Ne e heless, he
assis ance p o ided by he empi e o he domes ic economy was no su icien o o se
Po ugal’s ela i e decline in ela ion o Eu ope’s ad anced na ions. Sala y le els began o
all behind om he se en een h cen u y onwa ds and, a e a eco e y in he eigh een h
cen u y, wo sened signi ican ly a he beginning o he nine een h cen u y. Spain’s domes ic
economy owed a less o colonial ade a any poin in he ea ly mode n pe iod. In
mac oeconomic e ms he colonial empi e had li le weigh in he g ea cycles o he Spanish
economy. And ye ‘ he Indies we e a i al cog in an ins i u ional and economic sys em ha
shaped in e egional ela ionships in he pe iod o o ma ion o a [Spanish] na ional
economy’ (Yun-Casalilla, 1998: 148).
In o de o assess he impo ance o Eu opean ade and he empi e in he de elopmen
o he Ibe ian economies, his chap e s a s by explo ing he ea ly geog aphies and main
ading ou es o he Ibe ian comme cial expansion in he A lan ic Wo ld, Asia and he
Paci ic, including he ise o he ansa lan ic sla e ade (Sec ion 16.2). Sec ion 16.3 looks
a he ins i u ional se up and he p o agonis s o he expanding ex a-Eu opean ades.
Sec ion 16.4 analyses he eigh een h cen u y e o ms o he colonial poli ical economy.
Finally, Sec ion 16.5 deals wi h he goods aded o and om he colonies. We conclude by
examining he mu ual economic impac s be ween he Ibe ian me opoles and hei colonies,
and be ween Ibe ia and Eu ope.
16.2 Ibe ians om Eu ope o he A lan ic, Indian and Paci ic Oceans: Fi s S eps
Since an iqui y, he loca ion o he Ibe ian Peninsula in sou h-wes e n Eu ope,
be ween he Medi e anean and he A lan ic Ocean, and close o he A ican
con inen , allowed i s kingdoms and egions o pa icipa e in impo an in e na ional ading
ou es in he no h and sou h o Eu ope, and he eas e n Medi e anean. Geog aphy is c i ical
o unde s anding Ibe ians’ head s a in se ing up ansoceanic exchanges om he la e
i een h cen u y onwa d. G ain-de icien coas al a eas o he peninsula, especially in
Po ugal, sough supplies om beyond he sea. A he same ime, he la e medie al economic
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
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eco e y coincided wi h he beginning o O oman con ol o bo h he eas e n Medi e anean
and he majo o e land ou es ha connec ed Eu ope and Asia. Ibe ians we e o capi alize
on bo h de elopmen s, and he A lan ic Wo ld was he na u al a ena o hei comme cial
expansion.
The ag icul u al sec o s ood a he co e o la e medie al and ea ly mode n Ibe ian
socie ies, wi h a ocus on he p oduc ion o wine, ui s ( esh, sal ed, in jam o d ied), oli e
oil and g ain, accompanied by ex ac i e ac i i ies like sal ex ac ion, imbe , collec ion o
co k, o i on winning and me allu gy, and las bu no leas shephe ding. These p oduc s,
p oduced o ex ac ed domes ically, we e expo ed o o he Eu opean coun ies; by he
six een h cen u y in pa icula o he Low Coun ies (no h and sou h), England, F ance and
he I alian peninsula. Re u n ca goes consis ed o en o specialized ex iles and oods u s,
in many egions g ain, and om he la e six een h cen u y onwa ds la ge quan i ies o d ied
ish.
Fo Cas ile, wool expo s o he Low Coun ies, F ance and I alian e i o ies we e
pa icula ly impo an in e ms o hei backwa d linkages in he domes ic economy.
Cas ilian me chan s, pa icula ly om Bu gos, bu also om o he egions such as he
Basques p o inces, es ablished hemsel es in B uges and o he majo Eu opean comme cial
hubs (Casado Alonso, 1996; P io i, 2005). Un il he hi d qua e o he six een h cen u y,
he ade was ca ied in Ibe ian ships, depa ing om he di e en kingdoms in he
Peninsula. Howe e , he pa icipa ion o essels om he Spanish egions in Eu opean ade
declined d ama ically wi h he wa in e up ions o he la e six een h cen u y and would only
become impo an again in he eigh een h cen u y. Economic wa a e epea edly led o
edi ec ions o ade lows, such as he ela i e ise o English ma ke s o Spanish wool in
he mid-se en een h cen u y (G a e, 2005).
Po uguese me chan s also had an impo an p esence in he main no hwes e n
Eu opean and Medi e anean po s. Ye , domes ically p oduced expo s ook second place
behind he edis ibu ion o o e seas p oduc s ha a i ed om he empi e as soon as he
1450s. The demog aphic expansion pos -Black Dea h, he need o edis ibu i e en s and
lands o a g owing nobili y, and he economic incen i es associa ed wi h a Papal Bull o
C usade led o he Po uguese conques o No h A ican s ongholds a e 1415. Aiming a
pa icipa ing and eaping he ou pu s o he eas –wes Saha an ca a an ade, he Po uguese
looked o cheap and eadily a ailable sou ces o g ain o eed a g owing popula ion,
mili a y and eligious pos s o he nobili y, and he igh s and en s o plunde ing and
ensla emen associa ed wi h he Bull (Mendes, 2016).
Po uguese No h A ican conques s s ood as an ex ension o he disco e y and
se lemen in he Azo es A chipelago and Madei a, om whe e u he expansion
sou hwa ds along he Wes A ican coas ensued and came o include he A lan ic
A chipelago o Cabo Ve de and São Tomé. The Cas ilian mona chy meanwhile b ough he
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
4
Cana ies A chipelago unde i s con ol in he la e i een h cen u y. Famously, Cas ilian
a mies in 1492 conque ed he Kingdom o G anada, while Columbus’s expedi ion eached
he Ca ibbean, ushe ing in he conques and coloniza ion o he Ame icas. In 1497, he
Po uguese Vasco da Gama sailed a ound he ip o A ica and along he eas e n coas o
A ica o each India, and, in 1500, a Po uguese lee commanded by Ped o Ál a es Cab al
a i ed in B azil.
Simple conques quickly ga e way o colonial exploi a ion and edis ibu ion wi h he
ini ia ion and apid inc ease o suga p oduc ion in he island o Madei a a e 1455. Suga
became a co ne s one o Ibe ian colonial ade in he six een h and se en een h cen u ies.
Po uguese in es o s expanded suga cul i a ion and he plan a ion complex in São Tomé
and, a e he 1520s, in B azil as seen in Table 16.1. Thei Cas ilian pee s in oduced he
same p ac ices in he Cana ies. Suga s om Madei a, he Cana ies, São Tomé and B azil
compe ed in he same Ibe ian and in e na ional ma ke s, bu consume s in No he n Eu ope
appa en ly a ou ed he suga om São Tomé and we e willing o pay a p emium. In o de
o impose i s p oduc ion, B azilian suga o en ini ially had o be sold as i i o igina ed om
São Tomé. Bu , no wi hs anding he cunning o B azilian p oduce s, B azilian suga began
o domina e Eu opean consump ion by he end o he six een h cen u y mos ly because o
con inuous sla e e ol s in São Tomé. The h ea s e ol s posed o p oduc ion oge he wi h
he no o iously high dea h a es on he island, whe e mala ia is endemic o his day, p o ided
a compe i i e ad an age o B azilian suga p oduc ion in de imen o ha o São Tomé o
Madei a.
Table 16.1 Suga p oduc ion in he Po uguese colonial empi e, 1515-1617
(a obas)
Madei a
São Tome
B azil
1515-1525
200,000
100,000
1527-1529
123,170
1535-1536
135,860
1550
40,000
150,000
1578
175,000
1581-1584
38,000-40,000
200,000
350,000
1610
735,000
1617
1,000,000
Sou ce: Cos a e al. (2016: 78)
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
5
As island suga los ou o B azilian p oduc ion, Madei a and he Cana ies u ned o
wine cul i a ion o i s complemen hen subs i u e suga . Ea ly impo s om he Spanish
colonial e i o ies in he Ca ibbean and he mainland we e mo e a ied han hose om he
Po uguese islands. Plan a ion p oduc ion would no become an impo an pa o he
Spanish Ame ican economy un il he la e eigh een h cen u y. In con as o he ea ly
Po uguese expansion, Cas ilian colonize s ocused mos ly on he con ol o labou
esou ces in Ame ica and he expansion o he ‘domes ic’ Ame ican ma ke , a he han
p oduc ion o expo o he peninsula. The ea ly expansion o he Spanish Ame ican
economy was he e o e less expo d i en. Cochineal and indigo dyes, hides, pea ls, cocoa,
non-plan a ion p oduced suga and a ious o he p oduc s made up he lis o Ibe ian impo s
un il sil e p oduc ion om Po osi ( oday’s Boli ia) and Zaca ecas (Mexico) ook o a e
he mid-six een h cen u y. Sil e quickly began o domina e impo s o Cas ile, i no in
e ms o olume ce ainly in e ms o alue. A e 1572 impo s o Asian ex iles and
po celain we e ans-shipped ia Manila and Acapulco o Se ille, hough a signi ican pa
o he ca goes in ac emained in he Ame icas and ound hei way o he majo
consump ion cen es o he ice oyal ies o New Spain and Pe u (Bonialian, 2020).
Fo Po ugal, commodi ied suga was joined ea ly on by gold impo s om Cas elo da
Mina ( oday’s Ghana), which inc eased signi ican ly be ween 1480 and he 1560s o c. 25
million éis pe annum (Godinho, 1982–1984, I: 286). This abundan and con inuous in lux
o gold s imula ed conspicuous consump ion on he pa o he C own, inc eased he income
o he Excheque h ough axa ion and, abo e all, p o ided Po ugal wi h enough specie o
pay o o eign impo s, pa icula ly om Flande s, o supply Po uguese consump ion o
no he n manu ac u ed goods. Though gold impo s om Cas elo da Mina declined by he
las qua e o he six een h cen u y, a second cycle o A lan ic gold ensued a e he
disco e y o gold mines in B azil by he end o he se en een h cen u y. Following a simila
ading ci cui as suga , and ce ainly be o e la ge-scale suga p oduc ion, b azilwood
became a majo colonial impo in he Ibe ian A lan ic. The dyewood, in high demand in he
ex ile p oducing a eas o he Low Coun ies, England and I aly, became a signi ican sou ce
o weal h o he Po uguese C own and a majo colonial expo on o he Eu opean domes ic
ma ke s (An unes e al., 2016: 26). I was he dyewood ha s ood as colla e al o he
conspicuous consump ion o he Po uguese C own a he Po uguese Fac o y o An we p
and as gua an ee o Po uguese public deb in he An we p ma ke .
The Po uguese so-called Cape Rou e o Asia was o iginally o ganized as a yea ly lee ,
he Ca ei a da India. The lee sailed om Lisbon o Goa wi h some Eu opean p oduc s,
bu mos ly adminis a i e, mili a y and chu ch pe sonnel, as well as con ic s and emig an s.
On he e u n oyage, he Ca ei a anspo ed luxu y goods (peppe , nu meg, cinnamon,
ex iles, p ecious s ones, e c.) om Goa o Lisbon, which we e also e-expo ed o Eu opean
ma ke s. Co on ex iles and silk g ew in impo ance owa ds he end o he six een h cen u y

Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
6
as o he Eu opeans en e ed he Indian Ocean exchanges and compe ed in he peppe ade
(Godinho, 1982-1984, III: 17, 21, 24, 49; Boyajian 1993: 203). Th oughou he six een h
and se en een h cen u y, Asian ade was o eno mous impo ance o Po ugal and o
Po ugal's economic ela ions wi h he es o Eu ope. A e 1572, he Manila galleon om
Acapulco o Manila was he pu es exp ession o a global pa e n o ade, in which
Eu opeans had ew goods bu sil e o o e o Asian ma ke s in exchange o mos ly luxu y
manu ac u ed goods, such as po celain and silks, which we e highly sough a e in he
Spanish Ame ican and Eu opean ma ke s.
The deg ee o in eg a ion and o e lap be ween Cas ilian and Po uguese A lan ic
ading ou es di e ed by egion and p oduc . On he whole, in Asia sepa a e in e es s we e
jealously gua ded, hough economic ac o s o en igno ed hem. Ye , om he s a , one new
ade depended on he closes coope a ion be ween he Ibe ian eigns. Fi s he Ca ibbean
islands and hen he densely popula ed a eas o Meso- and Sou h Ame ica expe ienced an
unp eceden ed demog aphic collapse h oughou he six een h and ea ly se en een h
cen u ies (Li i Bacci, 2008). As he a i al o Eu opean epidemic diseases d ama ically
inc eased mo ali y, conques - ela ed social, cul u al and economic disloca ion and labou
exac ions dec eased e ili y. The land-labou a io inc eased d ama ically, esul ing in an
e e -g owing demand o labou , which om he s a was o e whelmingly me by he
o ced mig a ion o ensla ed A icans. In he Spanish e i o ies, ensla ed people we e
employed in u ban households, small a ms, ca le aising, non-plan a ion suga p oduc ion
and as skilled labou in he c a s. Sil e mining in Mexico and he ice oyal y o Pe u elied
mos ly on paid ee and coe ced indigenous labou (mi a) and in e es ingly only ma ginally
on ensla ed labou . In 1597 ensla ed A icans migh ha e accoun ed o 14% o he labou
o ce in New Spain's mines and he sha e ell he ea e (Tu ino, 2018). Only he small gold
mining sec o in oday's Colombia d ew hea ily on ensla ed labou among Hispanic
Ame ican mining cen es. By con as , in B azil plan a ion p oduc ion and la e mining
domina ed he demand o ensla ed labou h oughou . Po uguese suga impo s elied
hea ily on a ci cui o ade in ensla ed A icans ha g ew concomi an ly o he inc ease
and expansion o he suga p oduc ion in he A lan ic.
Po uguese access o he A ican coas s especially on he Gold Coas and in Angola,
combined wi h Po uguese shipping and Spanish and Po uguese capi al and a ans-Ibe ian
legal and con ac ual s uc u e d o e he ini ial expansion o he ansa lan ic sla e ade.
The i s cycle o c oss-Ibe ian collabo a ion in he sla e ade collapsed a e 1640 pa ially
due o e en s in Wes A ica, pa ially due o he Po ugal’s Wa o Res o a ion (Rod igues,
M. G., 2019). By hen mo e han hal a million ensla ed A icans had been aken o he
Spanish e i o ies. The o al numbe o ensla ed people a i ing in B azil he ea e , hough
expanding apidly, would no exceed ha in Spanish Ame ica un il he ea ly o mid-
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
7
eigh een h cen u y, when he ade in humans expe ienced ano he d ama ic accele a ion as
seen in Figu e 16.1.
The i s ansa lan ic ade in ensla ed A icans da ed back o he i een h-cen u y
coloniza ion o Madei a, Cabo Ve de and São Tomé by he Po uguese. Pa e ns de eloped
he e we e expanded and adap ed o he ade wi h he Ame icas om he s a . Thus, wha
we now e e o as he ansa lan ic sla e ade was c ea ed in he i een h, six een h and
ea ly se en een h cen u ies in he Ibe ian A lan ic (Bo ucki e al., 2020). I was he only
ading ci cui ha in a ious o ms pe sis ed du ing he Ibe ian ea ly mode n colonial
pe iod, ex ending s ill in o he nine een h cen u y wi h Po ugal, B azil and Angola as by a
he la ges ade s, in demog aphic e ms and oyages, o he ansa lan ic sla e ade,
acco ding o he ecen indings o he T ans-A lan ic Sla e Da abase. Spanish Ame ican
demand o ensla ed A icans would ise again in he la e eigh een h cen u y and he ea ly
nine een h, when also o he i s ime, Spanish, especially Andalusian and Ca alan,
in es o s would be impo an pa icipan s in he ade o Cuba and Pue o Rico.
16.3 Ins i u ional Founda ions and Ac o s
In he Ibe ian empi es he con ol o e ma i ime and colonial expansion was a oyal
p e oga i e and, as such, Ibe ian Mona chs claimed so e eign y o e e i o ies and
ma i ime on ie s o e seas (ma e clausum). Howe e , he capi al o be in es ed in he new
colonial e i o ies was en i ely p i a e in he Cas ilian case and o e whelmingly so in
Po ugal. Hence he dis ibu ion o igh s o e labou se ices o be pe o med by subjec
indigenous popula ions, he axa ion o subsoil na u al esou ces, ade and consump ion,
0
50
100
150
200
250
300
350
400
450
500
1501-1525
1526-1550
1551-1575
1576-1600
1601-1625
1626-1650
1651-1675
1676-1700
1701-1725
1726-1750
1751-1775
1776-1800
Figu e 16.1 Numbe o ensla ed A icans disemba ked in
Ibe oame ica, 1500-800 (in housands)
To al disemba ked in Hispanoame ica To al Disemba ked in B azil
Sou ce: T ans-A lan ic Sla e T ade Da abase (www.sla e oyages.o g) (accessed Ma ch 2018)
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
8
and he deploymen o ju isdic ions ( eligious, mili a y, me can ile, ci il and c iminal) we e
almos always commodi ied as a way o p o ide income and edis ibu i e capaci y o he
colonial poli y as pa o oyal p e oga i e. The ins i u ional implemen a ion o such
e enue- aising powe s ook a a ie y o o ms, om p ope economic monopolies, o
licensing s uc u es, di e en o ms o public-p i a e pa ne ships and, la e on, join -s ock
en e p ises.
As conque ed e i o y, he Spanish Indias became poli ically subjec o he laws o he
conque o and we e inco po a ed in o he Cas ilian mona chy. While Spanish conque o s
and se le s ec ea ed amilia poli ical o ganiza ions h ough he ounda ion o owns, he
mona chy olled ou a s uc u e o ice oyal ies (ini ially Pe u and New Spain), audiencias
and egional easu ies in an a emp o cu b he powe o he conquis ado es. The
Po uguese expansion in he A lan ic Wo ld and Asia combined e i o ial con ol o e
B azil and o a lesse ex en Angola wi h a much mo e complex, dynamic pa e n o ading
ou es ac oss Asia. B azil was i s di ided in o dona a y cap aincies, which included
eligious, mili a y and adminis a i e ju isdic ions, bes owed upon dona a y cap ains as
ewa d o hei se ice o he C own. Since he Po uguese p esence on much o he wes
coas o A ica, in he b im o he Indian Ocean, he Sou h China Sea, he S ai s o Malacca,
he Indonesian A chipelago, China and Japan a ely wen beyond mo e o less u banized
s ongholds on he coas and some land exploi a ion in he hin e lands, municipal and u ban
ins i u ions s ood a he o e on o coloniza ion. In hose a eas whe e Po uguese con ol
was mo e consolida ed, he C own named he highes o icials, such as ice oys (Goa, he
sea o he adminis a ion o he Es ado da Índia), cap ain majo s (Macao, Cas elo da Mina,
Cabo Ve de and São Tomé) o go e no s (B azil, Angola).
In hei own minds, Ibe ians' claim o so e eign y o e conque ed e i o ies was a
leas pa ially jus i ied by a du y o con e indigenous popula ions ans e ed o hem by
he papacy. In ha sense, mona chs had he igh o Pad oado o pa ona o, meaning he
ju isdic ional igh o appoin cle gymen in he empi e and ca e a socie al space o
eligious cou s, including he Inquisi ion. The la e , howe e , had no ju isdic ion o e he
indigenous popula ion in Spanish Ame ica, which was conside ed unde he u elage o he
mona chy. As a consequence o ha legal concep ion, which likened indigenous people o
mino s, he ensla emen o indigenous popula ions was legally banned in he 1540s in
Spanish Ame ica ( hough he p ac ice ne e o ally disappea ed in he emo e pa s o he
empi e). Recen esea ch sugges s ha he legisla ion o B azil by con as was kep
delibe a ely ambiguous. As Po uguese se le s and Jesui s ied o con ol o indigenous
labou in he in e io , he o me cap u ed and aded la ge numbe s o indigenous people
decla ed unwilling o bow o colonial ule un il he mid-eigh een h cen u y, while he la e
es ic ed indigenous people’s mo emen by binding hem o he land (Pe one-Moisés,
1992; Ze on, 2011).
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
9
The poli ical economy o he Po uguese empi e was based on an ins i u ional p inciple
o exploi a ion ha had oyal exclusi e igh s a i s co e, which we e o en e e ed o as
monopolies. Con a y o he mode n economics usage o he wo d, oyal monopolies
p o ided Po uguese kings mos ly wi h he exclusi e igh o ex ac , ship, ade o expo a
speci ic p oduc . Legally akin o he igh o subsoil mine al esou ces, which in con inen al
Eu ope since he high Middle Ages was a oyal igh , his exclusi e igh was e y o en
ans e ed o a selec i e choice o p i a e en ep eneu s by means o a oyal p i ilege,
license o con ac . The C own ou sou ced he cos s and isks o colonial exploi a ion, bu
also ese ed i o i s subjec s. In his de e mina ion o subjec hood s ood implici he
exclusi i y o he empi e o he Po uguese subjec s (colonial exclusi e), whe he hey
esided in he Peninsula o ab oad, and whe he he la e we e Eu opean o non-Eu opean
by bi h. This p emise also implied ha ‘ o eigne s’ we e au oma ically excluded om
colonial exploi a ion. Howe e , oyal exemp ions and p i ileges allowed many I alians,
Ge mans, Du ch and Englishmen o hea ily and con inuously pa icipa e in Po ugal’s
colonial en e p ises (Cos a, 2002a).
F om he pe spec i e o he en ep eneu s, being associa ed wi h he s a e inc eased
social capi al and boded well o social upwa d mobili y, while also o e ing signi ican
p o i oppo uni ies. The Po uguese king was hus a manage o incomes acc uing om he
colonial iches a he han a di ec ope a o . This managemen was e ec ed h ough a
hie a chy o ins i u ions in Lisbon and he main adminis a i e cen es o he empi e. The
Casa da India, in Lisbon, unc ioned as cus oms, clea ing and adminis a i e house o he
o e seas possessions, while P aia (Cabo Ve de), Luanda (Angola), Bahia (B azil), O muz
(A abian Peninsula), Goa (India), Cochin (India) and Malacca unc ioned as cus oms houses
and axa ion o ~ces. Mo e o en han no , he e enues con olled by hese ins i u ions we e
also a med ou o (local) p i a e ade s and en ep eneu s who became en angled wi h he
Po uguese empi e as subjec s o he king, al hough no always pa o he empi e,
pa icula ly in Asia.
E en i he Ca ei a da India was c ea ed as a oyal monopoly, e y soon p i ileges
we e gi en o p i a e me chan s o anspo hei own goods in he bo oms o he lee
agains he obliga ion o decla e all impo s o he Casa da India (Cus oms House o
O e seas T ade) in Lisbon. The high e u ns in hese exchanges and he in ensi ica ion o
he Ca ei a o e ed he king an oppo uni y o sha e isks and gains wi h a p i ileged
mino i y o businessmen in Lisbon and, a he same ime, en o ced a monopoly o he
C own on speci ic p oduc s, especially peppe . The Ca ei a ansi ioned hus om a gene al
oyal monopoly o a public se ice bes owed upon p i a e en ep eneu s who we e expec ed
o espec he oyal monopoly o e speci ic p oduc s. I was qui e e icien in including all
Po uguese (and some o eign) me chan s ading o Asia. The sup emacy o he lee was
only challenged in he beginning o he se en een h cen u y. The en y o he Du ch and he
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
16
o ms o access qui e o en (Mou oukias, 1988). The me chan s o Lima and Mexico Ci y
we e a ma ch o hose in Se ille, hough he ole o la ge Asian me chan houses in he
Po uguese Es ado had no equi alen in he A lan ic ades. In gene al e ms, he Ibe ian
C owns did no issue p ope monopoly cha e s o p i a e companies, as opposed o wha
became common p ac ice in he Ame ican and Asian expansions o hei B i ish, Du ch,
F ench and Scandina ian coun e pa s in he se en een h cen u y. Howe e , he e a e a ew
no ewo hy excep ions. Po ugal issued se e al cha e s in he se en een h and eigh een h
cen u ies, al hough he majo i y we e sho -li ed. Also in he eigh een h cen u y, a small
numbe o monopoly companies would be ac i e in he Spanish e i o ies. Mos o hese
we e pa o e o m a emp s, o which we will e u n below.
16.4 Eigh een h-Cen u y Re o ms and Thei Impac on Colonial T ade
Du ing he Wa o Spanish Succession (1701-1714), Spain los con ol o e a signi ican
po ion o i s colonial ade. T ansa lan ic communica ions came o a i ual hal , wi h he
F ench aking ad an age o he Spanish mona chy's weakness. Du ing he peace
nego ia ions, howe e , he B i ish we e awa ded wha hey belie ed o be wo impo an
concessions ha we e passed o he Sou h Sea Company: he asien o de neg os o monopoly
on impo ing ensla ed A icans in o he Spanish colonies (which had p e iously been in he
hands o Po uguese, I alians, Du ch, Spanish and, since 1701, F ench con ac o s) and,
included in he con ac , he igh o send o ei he Ve ac uz o Po obelo a 500- on me chan
ship ca ying B i ish goods e e y yea . A e he wa , he new Spanish Bou bon mona chy
made e o s o egain con ol om o eigne s and e i alize ansa lan ic exchanges. T ade
was, in ac , one o he i s a ge s o he so-called Bou bon e o ms, which g adually we e
o encompass i ually all sphe es o impe ial adminis a ion and economy h oughou he
eigh een h cen u y. Re o ms a ec ing colonial ade we e bo h p oac i e and eac i e, wa
being he main d i e o he la e (Kue he & And ien, 2014).
In 1717 bo h he House o T ade and he Consulado de Ca gado es we e eloca ed o
Cádiz, which had become he o ~cial po o depa u e o he Indies lee s in 1680. In 1720,
he old lee sys em was bols e ed by he publica ion o he P oyec o pa a Galeones y Flo as,
a piece o legisla ion which, wi h mino weaks, was o egula e ansa lan ic shipping and
axa ion un il 1778 (Ga cía-Baque o, 1976, I: 195–215). Al hough e y li le was changed
ega ding he o ganiza ion o ade, he e we e clea signs o eco e y a e 1720. A no el y
was in oduced in 1728 wi h he c ea ion o he i s Spanish join -s ock p i ileged ading
company, he Royal Guipuzcoan Company o Ca acas. I ob ained a p ope ading
monopoly o Venezuela in 1742 ha would las un il 1784, wi h a clea manda e o eco e
om Du ch in e lope s he con ol o cacao expo s (Gá a e Ojangu en, 1990). The king’s
decision o app o e an ini ia i e led by a g oup o Basque businessmen pu sued ano he

Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
17
goal: o educe he smuggling o colonial commodi ies (mos ly obacco) en e ing Cas ile
om he Basque p o inces.
The Ca acas Company encou aged he p oduc ion o c ops such as cacao, obacco and
co on, and cons uc ed bo h wa and me chan ships. I s ela i e success p omp ed he
c ea ion o o he p i ileged companies, such as he Royal Ha ana Company (1740–1790),
and he Royal Ba celona T ading Company o he Indies (1755–1785). Ra he han
monopoly igh s hey we e awa ded subs an ial ax cu s. The p i ileged companies we e
ne e seen as an al e na i e o ei he he lee o single ships sys ems. Ins ead, hey we e a
means o exe mo e con ol o e and de elop he economies o pe iphe al Ame ican egions
o ades. F om 1730 o 1778, app oxima ely 20% o all he ansa lan ic oyages we e
ca ied ou by ships belonging o hese companies (Ga cía-Baque o, 1976, I: 136–137).
In ha sense he i s eal b eak in he o ganiza ion o colonial ade came in he 1740s,
when wa compelled he Spanish mona chy o suspend empo a ily he depa u e o he
Indies lee s. I allowed na íos de egis o o depa om Cádiz o any Ame ican
des ina ion, including he majo po s o Ve ac uz and Callao (Lima’s seapo , which was
now di ec ly eached, o he i s ime, by sailing a ound Cape Ho n). F eed om he ime-
consuming, cos ly p epa a ions ha i ing ou a whole lee en ailed, ansa lan ic
exchanges became a mo e equen and dynamic, p o iding colonial consume s wi h a
mo e ex ensi e asso men o Eu opean goods a lowe p ices. Though ade (and compe-
i ion) g ew signi ican ly unde he sys em o single ships, yielding inc easing iscal income
o he C own, he go e nmen succumbed o he p essu e om he Cádiz me chan eli e
(whose in e es s we e aligned wi h hose o he o eign me chan communi ies) and ag eed
o esume pa ially he adi ional sys em in 1754: lee s would be esumed o he exchanges
wi h New Spain, whe eas he single ships sys em was pe manen ly adop ed in he ade wi h
Pe u as well as wi h o he des ina ions such as Buenos Ai es, he Ca ibbean and Cen al
Ame ica (Lamikiz, 2010: 81–94). The lo a was mean o depa o New Spain e e y wo
yea s. The i s lee se sail o Ve ac uz in 1757. Bu be o e he sys em was inally
abolished in 1778, only i e addi ional lee s would depa om Cádiz in 1760, 1765, 1768,
1772 and 1776. These inal lee s ha e ga he ed g ea his o iog aphical a en ion, bu de
ac o oughly 80% o Spanish ansa lan ic ade’s o al onnage was ca ied by na íos de
egis o be ween 1755 and 1778, while he lee s o New Spain accoun ed o jus 13% o
he onnage (Ga cía-Baque o, 1976, I: 173).
Inso a as hei headqua e s and ading ou es ell ou side he o bi o Cádiz, he
p i ileged companies g adually began o unde mine he long-held idea ha he whole
colonial ade should be conduc ed om a single Ibe ian s aple po . By he 1750s, a g owing
numbe o go e nmen o icials hough ha ansa lan ic ade should be de egula ed and
opened o mo e po s on bo h sides o he A lan ic. The i s majo s ep in ha di ec ion was
aken in 1765, when nine peninsula po s we e allowed o ade di ec ly wi h he Spanish
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
18
Ca ibbean islands. In 1768 he pe mission was ex ended o Louisiana, and in 1770 o
Yuca án and Campeche. This g adual libe aliza ion o colonial ade culmina ed in Oc obe
1778 wi h he p omulga ion o he so-called come cio lib e o ee ade egula ions.
Colonial ade was now opened o 13 peninsula and many mo e Ame ican po s, hough i
was no applied o Venezuela and New Spain un il 1788 and 1789, espec i ely (Baskes,
2013: 69–86).
Fo eign pa icipa ion emained banned. Bu come cio lib e g ea ly simpli ied bo h
axa ion and he adminis a i e pape wo k o ge a licence o c oss he A lan ic. I s goal was
o ‘ es o e ag icul u e, indus y, and popula ion’ in he Spanish empi e. Al hough i led o
comme cial expansion, a new body o schola ship has demons a ed ha he eal g ow h o
ade was a small ac ion o ha which his o ians ha e adi ionally indica ed (Cuenca-
Es eban, 2008). A any a e, come cio lib e was sho -li ed. I was only ully implemen ed
a e he wa wi h B i ain ended in 1783 and, al hough he Ca e a de Indias would con inue
o exis un il i s inal aboli ion in 1828, he 1797 B i ish blockade o Cádiz ma ked he
beginning o he end o Spain’s colonial ade sys em. Du ing he F ench Re olu iona y,
Napoleonic and Spanish Ame ican Independence wa s, he Spanish mona chy had no op ion
bu o allow neu al o eign ships o ca y ou Spain’s colonial ade. I was a despe a e
a emp o ge access o he much needed Ame ican bullion and keep comme cial li elines
open (Ma ichal, 2007).
Re o ms in Po uguese colonial ade also s a ed in he ea lie eigh een h cen u y. The
B azil con oys we e hea ily in deb and in 1720 aken in o he C own’s gene al s o es. A
new small ax on gold impo s om B azil was used o deal wi h i s inancial liabili ies and
o inance he p o ec ion o he con oys. As he cen u y p og essed, measu es mul iplied o
push back agains he ope a ion o single ships sailing ou side he lee s and he p esence o
o eign ships on he B azil un, d i en in la ge pa s by he dependence on B i ish goods and
me chan s. As in he case o Spain measu es o y and keep he bullion ade in Po uguese
hands we e o limi ed success. Ships a elling o he Eas we e pe mi ed o s op o e in
B azil, bu ela i ely ew did so. A he same ime, he g owing ade in ensla ed A icans
became a Sou h A lan ic di ec ade domina ed by B azilian and Angolan in e es s
(Flo en ino, 1995, 103; Candido, 2013; Lopes, 2015: 56).
The second hal o he eigh een h cen u y wi nessed a wa e o adminis a i e e o ms
associa ed wi h he in e en ion o he Ma quis o Pombal, minis e o King Joseph I.
Pombal’s in e en ions we e di e se and hei impac domes ically and in he colonial
sphe e we e b oad and deep. Comme cially, Pombal sough o push back agains B i ish
in luence in Po ugal’s colonial ade h ough s ic e con ols on he shipmen o s aple
p oduc s om B azil and he c ea ion o cha e ed monopoly companies. The Po uguese
Eas India Company, he Po uguese Company o he Comme ce wi h B azil, he Company
o T ade in Chacheu and he Company o Pe nambuco and G ão Pa á a e bu a ew
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
19
examples o hese cha e ed companies. Mos o hem we e c ea ed o emula e o eign
de elopmen s, o wo k as means o p o ec ion o a speci ic e i o y, o as means o capi al
lock-in o he capi al ma ke in Lisbon. Those o he no h-eas e n egion o B azil did in
addi ion ans o m he ag icul u al sec o and ade signi ican ly.
Pe haps he wo mos impo an e o ms in economic e ms we e he a emp o de elop
a na ional ex ile manu ac u ing sec o o he pu pose o impo subs i u ion and he
con isca ion o he p ope ies owned by he Socie y o Jesus in Eu ope and he empi e.
Pombal’s measu es o de elop Po uguese me opoli an indus ies, in pa icula he ex ile
indus y, me wi h mixed success. The idea behind he policies was he subs i u ion o
impo s o ex iles om G ea B i ain in o he me opoli an and B azilian ma ke s by
na ionally p oduced ex iles, while a he same ime B azil was legally es ic ed o p oduce
o p ima y p oduc s and he p oduc ion o manu ac u ed goods on a la ge scale was
ou lawed. The Po uguese ex ile indus ies esponded quickly and success ully o he
Pombaline incen i es, bu , in p ac ice, me opoli an ex iles did no subs i u e B i ish
ex iles. Bo h B i ish and Po uguese ex iles we e bough in Po ugal and expo ed o B azil.
De ac o hey se ed di e en segmen s in he consump ion ma ke s. Fu he mo e, he
expansion o economic ou pu s in he in e io o B azil beyond he mining ou pu s and he
usual cash c ops, enla ged he ma ke s ha we e being se iced by hese Pombaline ex iles
(Cos a e al., 2011).
The decision o sup ess he Socie y o Jesus in Po ugal and i s colonies in 1759, and
o ce he e u n o i s p ope ies o he C own, is one o he mos no able poli ical and
economic achie emen s o Pombal’s adminis a ion. I s ex inc ion me wi h echoes
h oughou Eu ope, and Spain ollowed sui in 1767. Howe e , he bene i s o he
con isca ion o he asse s o he o de we e less s aigh o wa d. E en i he Po uguese
C own con isca ed all landed p ope ies o he Socie y o Jesus in Eu ope and o e seas,
hese asse s we e o en sold below ma ke alue o en ed ou o local businessmen o ci il
se an s. The e u ns o he C own we e hus sho e m and o li le impac in he s a e's o
impe ial inances (Se ão, 2014: 13). In Spanish Ame ica he exp op ia ion o he Jesui s
led equally o a mix u e o a sell o o hei la ge-scale in es men s in eal es a e, haciendas,
and la ge numbe s o ensla ed A icans owned by he Socie y, on he one hand, and
inc easingly despe a e a emp s by he appoin ed adminis a o s o he o me Jesui
p ope y, he so-called empo alidades, o collec on he my iad o loans ha Jesui
ins i u ions had len o Spanish Ame icans om all walks o li e, on he o he . The p ocess
o eshadowed he inancial ha oc ha he disen ailmen policies o he la e eigh een h
cen u y would w eak on he c edi sec o in Spanish Ame ica (G a e, 2020).
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Uni e si y P ess, 2024), pp. 409-442.
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16.5 Commodi ies
Up o he eigh een h cen u y, he e we e wo main di e ences be ween he s uc u es o
colonial impo and expo ades in Po ugal and Spain. Fi s , Po ugal impo ed bo h
ag icul u al commodi ies (spices and suga ) and manu ac u ed goods (silks and ce amics)
om i s empi e, and colonial ade had a la ge impac on he Po uguese economy and
easu y. In Spain, by con as , a single colonial impo , bullion, had domina ed colonial
ade since he 1550s. Me can ile p o i s we e mos ly he esul o e-expo s o Eu opean
manu ac u ed goods o he Ame icas and he impac o he ade was mo e ci cumsc ibed,
bo h because he in e nal Spanish Ame ican ma ke s we e mo e impo an and because less
o he colonial axa ion ound i s way in o he peninsula easu ies (see Chap e 12).
Second, Po ugal’s ading sys em was mul ipola and Asian (and A ican) ade was ini ially
much mo e impo an han ansa lan ic exchanges. Spain’s ade was almos exclusi ely
concen a ed on he Ame icas. The Manila ade was no only a e y dis an second, bu de
ac o con olled om New Spain.
Po ugal's mul ipola colonial ading sys em ini ially in eg a ed h ee ci cui s o
o e lapping commodi ies. The i s linked he colonial wo ld o he me opolis. Lisbon
impo ed e ined and un e ined cash c ops and na u al esou ces om he Sou h A lan ic
(suga , obacco, co ee and b azilwood) and e-expo ed mos o hese goods o he Eu opean
ma ke s, be o e o upon hei p ocessing. This impo and e-dis ibu ion sys em was also
applied o he spices and luxu y p oduc s (dyes u s and ex iles) impo ed om Asia. The
second ci cui linked wes e n A ica o B azil and he es o he Ame ican con inen .
Me chan s bo n in Po ugal, B azil, he A lan ic Islands (mos ly om Cabo Ve de) and
Angola we e ac i e in he expo o ensla ed A icans om di e en poin s on he wes
coas o A ica, bu wi h pa icula in ensi y om Loango and Angola, o B azil and he
Spanish Wes Indies. A ican au ho i ies ended o impose he ules o ba e ing o
ensla ed A icans, which mean me chan s needed o b ing co on ex iles wi h speci ic
pa e ns, cow y shells, obacco, alcoholic be e ages and, a imes, gold as means o
exchange. They we e supplied in a hi d ci cui me by Po uguese, B azilian, Cabo Ve dian
and Angolan ade s who impo ed, some imes ia Bahia and Rio de Janei o, ex iles om
Goa, cow y shells om Angola o o he poin s on he wes coas o A ica, obacco, gold
and cachaça (a ype o um) om B azil.
By he eigh een h cen u y, howe e , he di e ences be ween Po ugal and Spain
became less ob ious. The ongoing di icul ies in Asia caused by Eu opean compe i ion and
he disco e y o gold in B azil led Po ugal o e ocus i s a en ion o he A lan ic Wo ld and
o he expo o s aple commodi ies o be e-expo ed o he es o Eu ope. Recen esea ch
has s essed ha Goa emained a i al pa o he Po uguese comme cial ne wo k, bu in
ela i e e ms B azil became he ail ha wagged he impe ial dog. This also mean ha
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
21
Po uguese colonial ade became less di e si ied and mo e domina ed by he cycles in
pa icula commodi y ades, such as gold and suga . A he same ime, Spain, hough always
gi ing p io i y o bullion, ied o expand non-bullion s aple impo s om he colonies. I
also es ablished di ec ade wi h he Philippines om 1765 onwa d.
In e ms o he commodi ies aded by he eigh een h cen u y, B azilian ade was
domina ed by he s aples o obacco, suga , gold and co on, while ice, hides and o he
p oduc s we e also inc easingly impo an . In some o hese commodi ies clea cycles
appea , mos no ably wi h ega d o gold. O he s we e subjec o less ob ious swings bu
also o some imes signi ican changes in e ms o he egions ha p oduced hem. Thus,
Bahia emained he main sou ce o B azilian obacco in he eigh een h cen u y, which was
a c ucial p oduc in he exchanges o ensla ed A icans. Alden sugges s ha in he mid-
eigh een h cen u y expo s o Bahian obacco o he Mina Coas almos ma ched hose sen
o Po ugal o consump ion in he me opolis and eexpo o he es o Eu ope (Alden,
1987: 632–633). Suga p oduc ion had expanded o e he se en een h cen u y om maybe
700,000 a obas o a high o 1.3 million a obas in 1710, and ell back a bi he ea e
(Schwa z, 2004: 168). A signi ican pa o ha p oduc ion was anshipped di ec ly o he
Ne he lands be ween 1635 and 1650 (Edel, 1969). Suga p oduc ion expanded again in he
eigh een h cen u y o an es ima ed 1.6 o 1.7 million a obas by 1807, especially in Rio de
Janei o and Bahia, while Pe nambuco’s p oduc ion p obably s agna ed (Alden, 1987: 630–
631). Co ee, oo, ook o in he 1770s.
The wo commodi ies ha ha e a ac ed mos a en ion wi h ega d o hei impac on
he Po uguese colonial economy as a whole in he eigh een h cen u y we e gold and co on.
Gold-mining was impo an in bo h Spanish Ame ica and Po uguese B azil as seen in
Figu e 16.2. Ye , he disco e y o gold in B azil had a d ama ically la ge impac on he
economy o B azil and ha o peninsula Po ugal (see Chap e 13) han he Spanish
Ame ican p oduc ion. In he 1690s, p ospec o s and explo e s om São Paulo ound place s
on se e al i e s in Minas Ge ais. In 1718, Paulis a p ospec o s disco e ed gold in he Ma o
G osso. In 1725, signi ican deposi s we e also ound in Goiás hough Minas Ge ais
emained he mos p oduc i e o he h ee egions h oughou he eigh een h cen u y, wi h
72% o he o al ou pu . B azilian gold mining om he s a was pa o he sla e y
complex. Gold p oduc ion ose om 4,327 kilog ams in he 1690s o an all- ime high eco d
o o e 145,000 kilog ams in he 1740s. Then i d opped g adually o 38,000 kilog ams in
he i s decade o he nine een h cen u y. Gold deposi s we e supe icial and widely
sca e ed. As a esul , colonial gold mining was small-scale, ansien and pe mea ed wi h
aud and smuggled goods. The ci cula ion o un egis e ed, un-assayed gold was widesp ead
in B azil, wi h he mos ealis ic es ima es placing i a abo e 50% o o al ou pu (TePaske,
2010: 23).

Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
22
Jus as gold p oduc ion declined a new sec o expanded, especially in Ma anhao and
Pe nambuco, d i en in pa by he policies o he new Companies c ea ed by Pombal's
e o ms (Figu e 16.3). Co on s ood o a new exchange ha would see B azil in eg a ed
in o he expanding Eu opean co on indus ies, and no only he English one, om he la e
eigh een h cen u y onwa ds. Po uguese in e media ion in he sec o was key, as we e i s
links wi h he e e -expanding ade in ensla ed people.
0
10
20
30
40
50
60
70
80
90
100
1492-1500
1501-1510
1511-1520
1521-1530
1531-1540
1541-1550
1551-1560
1561-1570
1571-1580
1581-1590
1591-1600
1601-1610
1611-1620
1621-1630
1631-1640
1641-1650
1651-1660
1661-1670
1671-1680
1681-1690
1691-1700
1701-1710
1711-1720
1721-1730
1731-1740
1741-1750
1751-1760
1761-1770
1771-1780
1781-1790
1791-1800
1801-1810
Figu e 16.2. New Wo ld Gold Ou pu , 1492-1810
(by decade, in millions o pesos o 272 ma a edís)
Spanish Ame ica B azil
Sou ce: Te Paske (2010: 54-55).
0
50
100
150
200
250
300
350
400
450
1758
1760
1762
1764
1766
1768
1770
1772
1774
1776
1778
1780
1782
1784
1786
1788
1790
1792
1794
1796
1798
1800
1802
1804
1806
1808
1810
1812
1814
Figu e 16.3 Co on expo s om Ma anhao and Pe nambuco, 1758-1815
(in housands o a obas)
Ma anhao Pe nambuco
Sou ces: Melo and Ma ins (2022; 2023).
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
23
Howe e , one ough o be ca e ul no o see oo simple a link be ween s aple
p oduc ions in B azil and sla e y: Melo & Ma ins (2022; 2023) show ha sla e y was
c ucial o he expansion o co on in Ma anhao, bu no in Pe nambuco.
The Spanish Ame ican impe ial ade was, by compa ison o Po ugal, always mainly
ocused on he a emp o con ain, con ol and ax ansa lan ic ade wi hin he s ic ou es
and pa ame e s o he wo comme cial lee s o he Ca e a sys em. As we ha e seen, he
sys em was a ely comple ely closed o he p esc ibed ou es and p ocedu es. Ne e heless,
he s aple ea u e and he i egula i y o he lee s had se e e consequences o he colonial
economy. By de ini ion, as egions we e ini ially ou side he main channels o exchange
ia new Spain and Po obelo/Lima. This encumbe ed egional specializa ion and made i al
impo s mo e expensi e. S ill, un il 1630, he egula i y o he lee s mean ha seconda y
Ame ican a eas no oo dis an om he ansa lan ic ou es could s ill expo pa o hei
ag icul u al ou pu o Spain. Thus, Cen al Ame ican indigo p oduc ion and ade enjoyed
signi ican p ospe i y om 1580 o 1620. Two o h ee essels o he New Spain lee would
call a he main Cen al Ame ican po s and p o ided he means o expo indigo and o he
commodi ies o Se ille wi h accep able egula i y, no wi hs anding Gua emalan complain s
abou insu icien onnage. Howe e , as he lee s became less equen and ca ied smalle
onnages a e 1630, indigo expo s s agna ed, e en hough indigo was a low bulk and high
uni alue commodi y. In he second hal o he cen u y, he cabildo (municipal council) o
San iago de los Caballe os (p esen -day An igua Gua emala) epea edly complained ha he
by hen i egula lee s included i ually no ships bound o he Gul o Hondu as
(MacLeod, 2008: 199–200). Howe e , i is di ~cul o gene alize. O he egions, such as he
Rio de la Pla a, a ed be e and egions unde se ed by he lee ound ways a ound he
p oblem, as we will see.
Sil e domina ed alue bu no olume. F om 1560 o 1650, bullion and non-bullion
commodi ies made up 82.2% and 17.8%, espec i ely, o he o al alue o Spain’s colonial
impo s (Chaunu & Chaunu, 1955–1956, VI-1: 474). Un o una ely, he e is no eliable da a
on ca go alue o he second hal o he se en een h cen u y, so we mus u n o olume
measu es. These show ha he o al mo emen o g oss egis e onnage (i.e. ships’ o al
in e nal olume) ha c iss-c ossed he Spanish A lan ic sh ank p ecipi ously a e he 1630s,
as seen in Figu e 16.4. The o al onnage o he 1700s amoun ed o less han a en h o ha
o he 1610s (Ga cía-Baque o, 1992: 324–325) al hough he con ac ion o he ou wa d
onnage was no as acu e, as can be seen in Figu e 16.4, p obably due o he ac ha be ween
1660 and 1708 egis a ion o goods shipped o Spain was no compulso y. I s ands o
eason ha his spec acula dec ease educed e en mo e he sha e o non-bullion
commodi ies, which occupied mos o he shipping space e en i we ha e li le knowledge
abou how he quali ies and p ices o he shipped goods migh ha e changed.
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
24
The all in ade was no caused by a all in p oduc ion o expo able ag icul u al
commodi ies (bulky c ops such as suga , cacao, obacco and dye-wood ees, among o he s,
bu also less bulky ones such as indigo and cochineal) and ca le anching (hides, allow and
d ied mea ) in he Spanish colonies. Ins ead, he Spanish Ame ican economy o he
se en een h cen u y no only di e ged om de elopmen s in B azil, bu also om English,
Du ch and F ench Ca ibbean models. The la e began o de elop plan a ion economies
(alongside smuggling wi h he Spanish colonies), which by de ini ion had a e y high
eliance on ade. Meanwhile, he Spanish colonial economy became e en less ade
dependen , wi h g owing egional ma ke in eg a ion wi hin a he han be ween he wo
main ice oyal ies (Assadou ian, 1982). Pa adoxically, he s onge de elopmen o Spanish
Ame ican in e nal ma ke s ein o ced he ole o bullion as he p ima y d i e o Spanish
comme cial policies and hus he ensions be ween comme cial egula ions and he in e es s
o egional eli es in he Ame icas.
The p ospe i y o colonial eli es was one o he d i ing o ces o an inc easing illegal
in eg a ion be ween he Spanish colonies and he Du ch, English and Po uguese colonies
in he Ame icas and owa ds he end o he eigh een h cen u y be ween he Spanish islands
and he USA. In he se en een h cen u y some egions began o specialize in expo able
commodi ies ha we e hen sold o o eign in e lope s. Mexico con inued o p oduce and
expo he mos p ecious o all Ame ican dyes, cochineal, which had high uni alue and
he e o e occupied li le shipping space (in he 1630s cochineal was wo h 30 imes mo e
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
1504
1514
1524
1534
1544
1553
1563
1573
1583
1593
1603
1613
1623
1633
1643
1653
1663
1673
1683
1693
1703
1713
1723
1733
1743
1753
1763
1773
Figu e 16.4. To al onnage o me chan ships sailing om he wes e n
Andalusian po s (Se ille, Sanlúca and Cádiz) and he Cana y Islands o
Spanish Ame ica, 1550-1778 ( ons o 1.376 m3)
To al onnage o me chan ships o Spanish Ame ica 7-yea mo ing a e age
Sou ces: Chaunu and Chaunu (1955-1956, VI-2: 384-391), Ga cía-Baque o (1976, II: 126-128)
and Ga cía Fuen es (1980: 211-213, 224-225).
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
25
han an equi alen weigh o suga ) bu i is unclea how much o i eached Se ille. Cuba
had pe ec soil and clima e o suga and obacco, bu i soon became appa en ha Cuba
could no compe e on p ice wi h he plan a ion suga p oduced in English Jamaica, F ench
Hai i and Po uguese B azil, so i educed suga cane cul i a ion (which would egain
impo ance only a e he 1780s) and concen a ed on obacco h oughou he se en een h
cen u y. Howe e , a la ge pa o he obacco was smuggled o non-Ibe ian Eu opean
ma ke s, since consume s conside ed i supe io o ha o Vi ginia. Likewise, cacao
p oduc ion (bu also obacco and hides) in Venezuela and pa s o he ice oyal y o Pe u
expanded in he se en een h and ea ly eigh een h cen u ies. Du ch smuggle s ope a ing om
Cu açao and Bonai e ini ially domina ed he o me , Spanish ading ci cui s he la e .
A e he Wa o Spanish Succession, he Bou bon adminis a ion ied o cu ail
smuggling and p omo e colonial ag icul u e wi h he aim o inc easing iscal e enue. In he
case o Cuba and Venezuela, he s a egy adop ed was o u n he p oduc ion o obacco and
cacao in o monopolies un by ei he he s a e o a p i ileged ading company such as ha
o Ca acas. The inc easing use o na íos de egis o a e he 1740s also had a posi i e e ec
on he o e all olume and alue o colonial non-bullion goods a i ing in Spain. Bu , despi e
hose e o s, o e all ag icul u al and anching expo s likely emained lowe han hey
would ha e been had ansa lan ic ade been open o mo e Ame ican and Ibe ian egions o
i Spain had copied Po ugal’s eigh een h-cen u y policies o u ning he colonies in o
p oduce s o p ima y p oduc s dependen on Eu opean manu ac u ed goods.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1750
1786
1787
1788
1789
1790
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
Figu e 16.5 Suga expo s om Cuba, 1750-1815
(in housands o a obas)
Sou ces: Sims Taylo (1970), Klein (1975) and Bosma and Cu y Machado (2012).
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
32
Howe e , he single la ges di e ence be ween he lows o sil e owa ds Spain and
gold owa ds Po ugal was likely hei impac on he iscal eceip s om he colonial sphe e
on he peninsula poli ies. A ound 40% o Po uguese e enue in he mid-eigh een h cen u y
de i ed om axes on B azilian ade, which included gold p ominen ly; by he 1760s and
1770s he sha e was s ill abo e 20%. On he Spanish side, he same p opo ion o Ame ican
e enue accoun ed o abou 12-13% o oyal eceip s ac oss he eigh een h cen u y, o
which sil e axes accoun ed only o a ac ion (I igoin & G a e, 2008; G a e & Ped ei a,
2019).
16.6 Conclusion
I is impossible o unde s and he economic his o y o ea ly mode n Ibe ia wi hou aking
s ock o i s ade, and in pa icula i s impe ial expansion. Impe ial ade con ibu ed o a
d ama ic inc ease o openness o he peninsula economy, qui e opposi e o he image
some imes pain ed. The egula o y amewo ks used o much o he pe iod by Spain and
Po ugal di e ed signi ican ly. Ye , nei he cons i u ed a monopoly in he mode n economic
sense o indeed in he sense o Du ch and English se en een h-cen u y ading companies.
The legal basis o a colonial exclusi e we e s onge in he Po uguese case, bu only in he
la e eigh een h cen u y could e o me s c ea e he condi ions o he me opolis o eap
mo e o he bene i s o such an exclusi e. Gene ally, he bene i s o empi e o peninsula
Po ugal wi h i s smalle Eu opean economy and la ge empi e we e subs an ial, especially
in iscal e ms. In Spain, he p opo ions we e in e ed, and he p ocess o coloniza ion o a
la ge e i o ial mass wi h inc easing in e nal ma ke s mean he oom o an 'impe ial
subsidy' was always modes . In addi ion, he e was simply no legal basis o a colonial
exclusi e. The en s om he exploi a ion o indigenous and ensla ed A o-descenden
labou in Spanish Ame ica wen mos ly o Spanish Ame ican eli es, no o he me opolis
un il he la e eigh een h cen u y (G a e & I igoin, 2012).
Economic condi ions accoun o some o he di e ences in he de elopmen o he wo
empi es o e he h ee cen u ies unde conside a ion. I should be no ed ha e en du ing he
union o C owns he egula o y amewo ks o ade emained sepa a e hough in pa icula
in he ade in ensla ed A icans collabo a ion and in e -impe ial ade d o e he expansion
o 1640. I is an in e es ing coun e ac ual o hink how commodi y lows migh ha e
de eloped had he Po uguese Wa o Res o a ion no aised he ba ie s be ween he
hispanophone and lusophone egions o Ame ica. The o ien a ion owa ds England in
o eign policy in he case o Po ugal shaped he eigh een h-cen u y empi e. In he case o
Spain, he alliance wi h F ance made much less o a di e ence o Ame ican ade, hough
e-expo s o F ench ex iles o he Ame icas we e one ac o . One ac ha is oo a ely
acknowledged is ha he Ibe ians c ea ed he ansa lan ic sla e ade long be o e he Du ch,

Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
33
English, F ench and o he Eu opeans pa ook. I was he poisonous ui o in a-Ibe ian
coope a ion i s and o emos . Bu nei he commodi y cycles no ade condi ions would
seem su ~cien explana ions o he e y di e en ole ha ensla ed people played in ei he
empi e un il he la e eigh een h cen u y.
The Achilles heel o bo h empi es was ha expo s o he Empi e mos ly consis ed o
e-expo s o no he n Eu opean manu ac u ed goods. Tha limi ed he backwa d linkages
o he ade, hough he e we e impulses o shipbuilding and a la ge a ay o se ices om
he s a . Ag icul u e in he peninsula bene i ed in he ea lie pe iods. I is e en ha de o
unde s and he o wa d linkages. Commodi y e-expo s we e luc a i e o Po uguese me -
chan s, bu o he ex en ha hey depended on o eign inance he bene i s we e sha ed.
Sil e impo s in o Spain lub ica ed ade, bu hey also con ibu ed o inancial condi ions
ha led o u ban indeb edness and high local axa ion (see Chap e 13 and G a e, 2012).
F om he ea ly se en een h cen u y onwa d, when p ima ily no h-wes e n Eu opean
me chan s ook con ol o Ibe ia’s in e na ional ade and he manu ac u ed goods coming
om hei coun ies o o igin looded in o Spain and Po ugal, he bulk o he bullion
a i ing in Se ille and Lisbon om he Ibe ian empi es began o be inc easingly eshipped
o An we p, Ams e dam, London, Nan es and o he po s. This ea u e o Ibe ia’s
in e na ional ade would con inue unaba ed un il he end o he colonial pe iod.
A pa e n o ade ha had bullion a i s co e had massi e ami ica ions o bo h
Eu opean and global ade. A la ge pa o he bullion was used o o se Wes e n Eu ope’s
ch onic ade de ici s wi h h ee a eas: he Bal ic (whence basic commodi ies such as g ain,
imbe , hemp, lax, wax, lea he and po ash we e impo ed, a ade domina ed by he Du ch
and English), he Le an (which was p ima ily in he hands o F ench, Du ch and English
me chan s), and Asia o he O ien . The la e was he main des ina ion o he Ame ican
sil e , and he wo main playe s in ha ade in he se en een h and eigh een h cen u ies
we e he English and Du ch Eas Indies companies (Ba e , 1990: 250-253). The pu pose
o shipping sil e o Asia was no only o o se Eu ope's ade de ici . Equally impo an
was he p ice o sil e i sel .
The ac ha mo e sil e han gold was mined in he New Wo ld mean ha he
exchange o p ice a io o sil e o gold changed signi ican ly. F om he mid-six een h o
he mid-se en een h cen u y he alue o sil e ell 60% ela i e o gold, se ing he
bime allic a io in he Spanish Empi e a a ound 16:1, whe e i emained un il he la e
nine een h cen u y. This mean ha sil e 's pu chasing powe in he Spanish Empi e
dec eased du ing he colonial pe iod. Bu he sil e o gold a io di e ed subs an ially
a ound he wo ld, a ac ha had implica ions in shaping no only commodi y lows in he
A lan ic Wo ld bu also global ade. Di e ences in he bime allic a io ga e ise o
comme cial exchanges be ween coun ies and con inen s. In he la e se en een h cen u y,
o ins ance, in no h-wes e n Eu opean po s he p ice o sil e ela i e o gold was as much
Publicado en Lains, P. e alii (eds.), An Economic His o y o he Ibe ian Peninsula, 700-2000 (Camb idge: Camb idge
Uni e si y P ess, 2024), pp. 409-442.
34
as 10% highe han in Spain. Simila di e ences gene a ed ade be ween Spain and he es
o Eu ope, g ea ly con ibu ing o d aining sil e away om Ibe ia. Howe e , he mos
subs an ial exchange disc epancy was be ween he Spanish Empi e and China. The ela i e
p ice o sil e o gold in China was abou 8:1, ha is, wice ha o he Ame icas. This mean
ha Chinese goods such as silks and ce amics could be sold o sil e in he New Wo ld o
Eu ope a double he p ice paid o hem in Asia, hough anspo cos s educed some o
ha di e ence. Such a p ice gap was a majo o ce in gene a ing ade be ween Eu ope and
Asia ia he Cape o Good Hope, and be ween Spanish Ame ica and Asia ia he Paci ic
and he Philippines. As a esul , a signi ican pa o he New Wo ld sil e ended up in China
(C oss, 1983: 399-401).
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