I'd appreciate it if you could help me
Why did the Spanish Empire, which in the 16th century was called "the empire on which the sun never set" and was the richest country in the world, fall?There are several reasons that are said to be the reason for this. It is because they were dependent on gold from the New World.
During the Age of Discovery, Spain occupied and colonized South America, including Mexico, and took gold and silver from there. They used the gold and silver brought from the New World to finance their wars. Originally, Spain had a thriving woolen textile industry, but after the discovery of gold and silver in South America, it became almost entirely dependent on gold and silver. At the time, Spain was quite poor due to the deterioration of the royal finances and naval expenditures, but the situation continued to be "well, let's rely on the money coming in from the New Continent for now.
When the gold and silver from the New World finally ran out, it was too late. There was no strong industry left in Spain, and the nation was defeated in the Dutch and English wars and armed conflicts, meaning that the nation was in decline. On the other hand, England, France, the Netherlands, and other countries did not plunder finite resources as Spain did, but instead used their natural resources, commonly known as nets, to build up their strength in trade and commerce.---
