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Explain two consequences of the discovery of silver in the Spanish Empire in the years c1545–c1555 - Edexcel - GCSE History - Question 1 - 2023 - Paper 1
Question 1
Explain two consequences of the discovery of silver in the Spanish Empire in the years c1545–c1555. Consequence 1: Consequence 2:
Worked Solution & Example Answer:Explain two consequences of the discovery of silver in the Spanish Empire in the years c1545–c1555 - Edexcel - GCSE History - Question 1 - 2023 - Paper 1
Step 1
Consequence 1: Economic Flourishing
Answer
The discovery of silver significantly contributed to the economic growth of the Spanish Empire. The influx of silver from mines such as those in Potosí transformed the economy by enabling the Spanish Crown to fund wars and support its interests across Europe. This newfound wealth allowed for increased trade and investment, not only bolstering Spain's economic position but also leading to the establishment of new colonial enterprises in the Americas.
Step 2
Consequence 2: Social Impacts and Inequality
Answer
On the social front, the abundance of silver exacerbated inequality within the Spanish Empire. Wealth became concentrated among a small elite class of landowners and miners, while the majority of laborers, often indigenous people subjected to harsh conditions in the mines, faced exploitation and poverty. This social stratification led to significant tensions and unrest, illustrating the darker side of wealth accumulation during this period.