Rafael Altamira,
A History of Spain
“ At the outset there was a period of undoubted prosperity, due in part to a continuation of the favoring legislation of the era of the Catholic Kings, but more particularly to the enormously increased demand resulting from the rapid and extensive colonization of the Americas, whose commerce was restricted by law to favored regions of the Spanish kingdom. The American trade and to some extent the considerable fortunes gained in the colonies themselves provided capital for a yet further expansion of the industrial wealth of the peninsula. ”
