the way the money was spent ensured that Spain's newfound wealth provided the entire continent with a monetary stimulus.
The book "The Ascent of Money" by Niall Ferguson explores how Spain's influx of wealth from its colonies significantly impacted Europe and beyond. The author emphasizes that the manner in which Spain utilized its monetary gains played a crucial role in stimulating economic activity across the continent. This strategic spending helped reshape financial dynamics and brought a wave of prosperity that affected various economies.
Ferguson argues that rather than hoarding their riches, the Spanish invested their newfound resources. This not only enhanced commerce but also contributed to a broader economic expansion in Europe, providing other nations with greater financial means and opportunities. Consequently, Spain's financial decisions proved to have far-reaching effects, influencing the monetary systems and markets of the entire continent.
