<P> Spain came across an imperial reality without finding profits at the beginning . It did stimulate some trade and industry , but the trading opportunities encountered were limited . Therefore , Spain started to invest in America with the creation of cities , because Spain was in America due to religious reasons . Matters began to change in the 1520s with the large - scale extraction of silver from the rich deposits of Mexico 's Guanajuato region , but it was the opening of the silver mines in Mexico 's Zacatecas and Potosí in Upper Peru ( modern - day Bolivia ) in 1546 that became legendary . During the 16th century , Spain held the equivalent of US $1.5 trillion ( 1990 terms ) in gold and silver received from New Spain . These imports contributed to inflation in Spain and Europe from the last decades of the 16th century . The vast imports of silver also made local manufactures uncompetitive and ultimately made Spain overly dependent on foreign sources of raw materials and manufactured goods . `` I learnt a proverb here '' , said a French traveler in 1603 : `` Everything is dear in Spain except silver '' . The problems caused by inflation were discussed by scholars at the School of Salamanca and the arbitristas . The natural resource abundance provoked a decline in entrepreneurship as profits from resource extraction are less risky . The wealthy preferred to invest their fortunes in public debt ( juros ) . The Hapsburg dynasty spent the Castilian and American riches in wars across Europe on behalf of Hapsburg interests , and declared moratoriums ( bankruptcies ) on their debt payments several times . These burdens led to a number of revolts across the Spanish Hapsburg 's domains , including their Spanish kingdoms , but the rebellions were put down . </P>
<P> Spain came across an imperial reality without finding profits at the beginning . It did stimulate some trade and industry , but the trading opportunities encountered were limited . Therefore , Spain started to invest in America with the creation of cities , because Spain was in America due to religious reasons . Matters began to change in the 1520s with the large - scale extraction of silver from the rich deposits of Mexico 's Guanajuato region , but it was the opening of the silver mines in Mexico 's Zacatecas and Potosí in Upper Peru ( modern - day Bolivia ) in 1546 that became legendary . During the 16th century , Spain held the equivalent of US $1.5 trillion ( 1990 terms ) in gold and silver received from New Spain . These imports contributed to inflation in Spain and Europe from the last decades of the 16th century . The vast imports of silver also made local manufactures uncompetitive and ultimately made Spain overly dependent on foreign sources of raw materials and manufactured goods . `` I learnt a proverb here '' , said a French traveler in 1603 : `` Everything is dear in Spain except silver '' . The problems caused by inflation were discussed by scholars at the School of Salamanca and the arbitristas . The natural resource abundance provoked a decline in entrepreneurship as profits from resource extraction are less risky . The wealthy preferred to invest their fortunes in public debt ( juros ) . The Hapsburg dynasty spent the Castilian and American riches in wars across Europe on behalf of Hapsburg interests , and declared moratoriums ( bankruptcies ) on their debt payments several times . These burdens led to a number of revolts across the Spanish Hapsburg 's domains , including their Spanish kingdoms , but the rebellions were put down . </P>
which enterprise in the spanish colonies was most profitable
which enterprise in the spanish colonies was most profitable
silver mines
silver mines