Philip II and the Decline of Spain's Wealth

Paper Summary:

This paper presents a consideration of the economic decline of Spain under the rule of Philip II, in the late 16th century. The paper discusses the major issues involved in Philip's mismanagement of the economic and foreign policy of Spain that contributed to the decline. The problems of inflation, foreign wars, debt and lack of Spanish productivity are highlighted.

From the Paper:

"When Philip II ascended to the throne of Spain in 1556, by all appearances he was the wealthiest king in the Western Hemisphere. Spain had, since the beginning of the 16th Century, extended its kingdom over much of the Mediterranean and it was the leading power in the race to colonize the New World of the Americas. It appeared that Philip II had inherited a financially powerful empire from his father, Charles V, and was set to govern a growing and important nation into an era of riches and conquest (Elliott). However, by the time he abdicated the throne in 1598, Philip II had overseen the disastrous decline of Spain's wealth and prominence, resulting in a bankrupt and weakened nation and a crumbling empire (Kamen). This research paper will consider the factors that led to the economic decline of Spain under Philip II's rule."

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