The Spanish Empire in America —so envied by other countries— has never been regarded by economic historians as an unmixed blessing. For Hamilton, the precious metals from the Americas caused a parallel rise in prices and wages, reducing industrial investment and thus aborting the development of capitalism. For Vilar, a critic of that view, the Empire, as «the supreme phase of feudalism», led to a primitive accumulation of capital responsible for freezing structures inhibiting to capitalism. Wallerstein recognised that America was essential for the conversion of Spain into a semi-periphery of the world market1. To that can be added other less general but equally negative approaches concerning the effects of emigration or of American treasure, seen by many as contributing to an absolutism powerful enough to impose a foreign policy alien to the interests of the country and highly damaging to the Spanish economy, and to that of Castile in particular.

This article presents estimates of the financial costs incurred by Portugal with the Colonial War (1961-1974). The results obtained show that, on average, the extraordinary expenses most directly related with the war represented 22% of Portuguese state expenditure, equivalent to 3.1% of GDP. They also show that the total costs incurred by Portugal with the Colonial War amounted to between 21.8 billion euros and 29.8 billion euros, at today's prices and in the present-day currency. By estimating a dynamic model, it was also possible to identify a positive relationship between the extraordinary military expenditure on the defence and security of the overseas provinces—which included the budgetary costs of war—and Portuguese economic growth. The conclusions reached represent a valuable contribution to contemporary economic history.

A very low demand elasticity for wheat –the so-called King's Law– is one of the most commonly accepted assumptions made by cliometricians. But there is little and contradictory evidence to contrast this. In fact, Robert Fogel's estimates confirm the hypothesis whereas Karl Gunnar Persson's reject it. The aim of this article is to shed new light into this debate through an improved version of Fogel's procedure, using price and production data for several Western European countries in the Premodern Age. The results confirm Persson's estimate.

The main objective of this research has been to identify the determinants of durable and semi-durable goods' consumption in Castile between 1750 and 1850. These patterns of family consumption are very different and heterogeneous. It is necessary to distinguish those related with economic variables —family rent and its components (wages and taxes, for example)— and those related to the economic evolution, changes in rent distribution, credit faculties, inflation and other aspects of cultural, social and institutional character. First of all, I will explain some critical aspects on the probate inventories, the criteria adopted in their selection and the validity of the sample. An econometric approach that allows to identify the elements that had influenced in the consumption of durable and semi-durable goods has been employed.

Replying to Rafael Dobado-González’s article on living standards in Spanish America during the colonial period, we discuss the methodology and evidence published in Arroyo Abad, Davis, and van Zanden (2012).

This paper analyses the evolution of Savings Banks in Spain during the last decades of the 19th century and the first third of the 20th century. The effects of the regulation and public intervention are analysed, as well as the creation of corporative and representative organisms of Savings Banks. It also reviews the consolidation of the Savings Banks in the financial-banking system. The regional focus is applied to show the strategies used by these financial institutions, in order to understand their growth. Between 1880 and 1936 the Savings Banks played an important role in the financial domestic system, adapting their services to their clients' demands. In this way the Savings Banks confronted the private big banking sector in order to attract more clients, mainly middle and working classes in urban and rural areas. Finally Savings Banks became an important instrument of the social policy of governments, especially through the investment in public debt.

This paper analyses the demographic decline experienced by Spain's 84 main mountainous districts, which cover more than 20 per cent of the national surface and had 15 per cent of the country's total population in 1860. In Spain, mountain depopulation took place later than in other, more advanced European countries. However, once it started, the process was very intense in comparative perspective. Depopulation became a general phenomenon during the second half of the twentieth century as a consequence of significant shortcomings in rural welfare – these shortcomings were related in turn to low degrees of economic diversification and high levels of pertalty on the access to basic equipment and services. Furthermore, depopulation acted as a mechanism for economic selection because it contributed to the disappearance of the traditional peasant economy and the «default» emergence of more diversified patterns.

In 2010 Spain ranked second among EU-15 countries in the manufacture of passenger cars; however, in 1950 the country’s car production had been purely symbolic. Taking as its starting point the trajectories of the enterprises that have shaped the auto industry in Spain, this study explores the sector’s process of development within the interpretative framework proposed by Alfred D. Chandler in Scale and Scope. Until the mid-1970s, SEAT and FASA-Renault, the sector’s first-movers, maintained their position as industry leaders. The entry of Ford and GM in the 1970s was to restructure the industry as it shifted its focus towards exportation to the European Economic Community. Both market share and net profits are used as indicators of the evolution of each car maker.

Studies of the economic relations between Great Britain and its colonies, such as Hopkins (1988) and O'Brien (1988), have revitalised controversy about the relevance of economic factors in the history of imperialism. Some have denigrated the relevance of the Hobson-Lenin thesis that capitalists required new overseas investment opportunities to postpone the collapse of capitalism, and the argument that colonies were a paying proposition. This article assesses the economic relations between the Netherlands and its colony Indonesia. It aims to raise the profile of this connexion in the controversy mentioned above, and to explore whether and to what extent the economic relationship may be crucial to explaining «metropolitan» economic development and «peripheral» underdevelopment.

En este artículo se analizan las pautas de consume de una sociedad agraria del siglo xvii. Se examinan en primer lugar las características de la fuente en que se basa la investigatión, los inventarios post mortem, que en Cataluña no contienen las valoraciones monetarias de los bienes muebles e inmuebles. Puesto que la mayoría de las investigaciones sobre consumo en época prein-dustrial en Europa Occidental y en América del Norte se han basado en una metodología adecuada para inventarios con valoraciones monetarias, ha sido necesario disenar un método de trabajo particular. Los resultados que se presentan en el artículo apuntan a que las formas concretas del consume en sociedades preindustriales como el Penedès de fines del siglo XVII dependian sobre todo de la pertenencia a un grupo social definido y de las reglas de reconocimiento mutuo.

The literature on Anglo-South American trade during the first half of the 19th century has taken British exports for granted. There are no specific considerations of textile exports, which were the backbone of British trade to the continent. Accordingly, when explaining the growth of British exports, historians have paid tribute solely to economic developments in South America. Important developments taking place in Britain have long been neglected. This paper provides the first account of the impact that improvements in the packing of textiles to protect against seawater damages had on British exports to distant markets, focusing on the particular markets of Chile and the River Plate c.1810-1859.

En la primavera y comienzos del verano de 1830, hasta el 3 de julio, fecha de su reembarque para el continente, los barceloneses José Bonaplata —«fabricante privilegiado, por cinco años», como «introductor en España de las máquinas de hilar los estambres, y de los telares mecánicos»— y Juan Rull —«fabricante real», en mérito a haber adoptado «la máquina de pintar indianas»— viajaron por Inglaterra, con el triple objeto de conocer directamente la industria textil del Lancashire, de adquirir maquinaria (por valor de más de 400.000 reaies) y de colocar «en una de las principales fábricas de Manchester, para adiestrarse», a otro joven compatriota apellidado Camps.

During a large part of the XVIIth-century the Kingdom of Castile suffered the monetary reform of the Habsbourg Monarchy, characterized by sucessive periods of inflation and deflation, and an increase in the circulation of “vellon” in substitution of silver coins. Reforms introduced in 1680 by Carlos III ended the disorder of the previous phase. In this article we present a bimetallic model in orden to analyse the causes of the success obtained by the monetary reforms of Carlos III.

This article clarifies the means whereby the Catalan cotton industry attained independence from imported yarn in a critical stage of its development between the 1790s and the War of Independence. It does so by tracking the origins, and early diffusion, of the Arkwright technology in Catalonia in the form of a machine-making and spinning company formed between an Olotí stocking frame knitter, a Barcelona silver-smith and an Ávila trained machine-maker. The spinning and weaving initiatives of the Company inform on the circumstances conditioning the Catalan industry's incorporation of the spinning processes. Light is also thrown on the character of machine-making at this stage of Catalan industrialization in a pilot-enterprise anxious to restrict technical diffusion.

This article analyses various transformations that took place within the Spanish colonial trade before the implementation of the 1778 free trade regulations. Firstly it shows the changes in the pattern of trade caused by the adoption in 1739 of the system of register ships (single «registered» ships), which resulted in the cancellation of the traditional system of fleets. Secondly it examines the role of transatlantic mail in shaping a new, increasingly retail-oriented pattern of trade. Finally, it deals with the evolution of the flow of commercial information crossing the Atlantic, stressing the growing impact of fashion. The primary sources used are mainly letters belonging to Spanish merchants that were confiscated by the British during the eighteenth-century wars.

Como es sabido, los pagos anuales, efectuados mayoritariamente en especie, que multitud de campesinos debían satisfacer por el acceso temporal al usufructo de espacios de cultivo, conformaban una de las magnitudes más significativas para el devenir de la agricultura y, en general, de la vida económica de la Corona de Castilla durante el Antiguo Régimen. Al respecto, pueden aducirse varios motivos, de todos conocidos, estrechamente vinculados entre sí.

This paper explores the inequality of numeracy and education by studying school years and numeracy of the rich and poor, as well as of tall and short individuals. To estimate numeracy, the age-heaping method is used for the 18th to early 20th centuries. Testing the hypothesis that globalization might have increased the inequality of education, we find evidence that 19th century globalization actually increased inequality in Latin America, but 20th century globalization had positive effects by reducing educational inequality in a broader sample of developing countries. Moreover, we find strong evidence for Kuznets’s inverted U hypothesis, that is, rising educational inequality with GDP per capita in the period until 1913 and the opposite after 1945.

To explain the large differences in prices between Spanish and British cotton goods I measure the relative cost of raw materials and estimate relative TFP levels. Both calculations lead to a relation between Spain's poor performance in international markets and high levels of protection. Thus, I find that inadequate specialization, which was consequence of high tariffs, reduced TFP levels in Spain because local factories produced goods too sophisticated for the abilities of their workforce.

This article studies the Spanish Tax on Consuptions during the second half of the 19th century. It focuses on three issues: a), its significance within the funding of local governments; b), its importance to explain the protests against taxation in the 19th century; and c), its incidence. Our hypothesis is that the mutinies against this tax constituted one of the recurring practices of the resistances against taxation in the 19th century, but not the most important, represented by the tax defraudation. It is also indicated that the Tax on Consumptions was not only a tax on expenditure, and was in part transferred to agriculture. We provide some data that question the exclusively urban character that has been usually attributed to this tax.

This paper discusses the price collusive behaviour of the main Spanish banks from the end of the Civil War to 1975. The second purpose of this paper is to obtain quantitative and qualitative indicators of the degree of effectiveness of these cartel agreements. I conclude that in spite of the existence of collusive pacts to fix price conditions, the main banks broke cartel agreements and they competed in prices in the deposit market side, and especially from the mid-1950s onward.