@spaniard69: Wasn't it also that the spanish golden age declined due to all the wealth they accumulated from America in the form of gold and just stopped working? That the gold was used to purchase luxury items for the upper classes, that the noble families didn't have to pay taxes and that labour was frowned upon?
Because I read that in the middle of the 16th century, countries such as England, started working really hard, producing clothes which they sold to the spaniards, and therefore gradually gained wealth and prosperity - thus making some noble councilor close to the royal family in Spain(during the decline of the country) realize that work equals wealth in many ways..
I'm afraid that's another myth of "Black Legend". The Quinto Real
en.wikipedia.org/wiki/Quinto_Real established in 1504 was the spanish tax that levied on the mining of precious metals. Only 1/5 part of amount of gold and silver (mostly) was sent to Spain. 4/5 were used IN AMERICA for building of cities, universities, roads, hospitals, infrastructures, etc... In fact in 18th century the tax was reduced to 10%. So imagine. Spanish American territories were far richer than Spain in 18th century.
Of course the Quinto Real wasn't employed to internal markets but to pay bank debts of Habsburg dinasty. Fugger and Welser families were the destiny of this capital not Spain. The reason: the disastrous dynastic politics of Habsburg family (Charles I, Philip II, etc...) what interests weren't Spain but Europe (conserve their european territories, in Germany, Flandes, Holland, Italy, etc...)
In my opinion british wealth was produced by the amount of speculative capital (not productive), and this capital was later used to finance industrial revolution.
PD: For example you can read this:
�M�s productivas eran la Martinica y Barbados a Francia e Inglaterra a la mitad del siglo XVIII que todas las islas, provincias y reinos e imperios de la Am�rica a los espa�oles. De Jamaica, los ingleses obten�an cada a�o seis millones de pesos de oro, plata, �ndigo y cochinilla mediante el contrabando con los dominios espa�oles.Tan est�riles se revelaban las posesiones en manos de los espa�oles que un buen n�mero de pol�ticos se preguntaban sobre las ventajas reales de la colonia, demand�ndose
si �stas no eran sino cargas que contribu�an a aplastar el cuerpo de la monarqu�a y si finalmente no hubiese sido preferible de no agradecer al cielo la gloria tan costosa de de descubierto y conquistado el Nuevo Mundo� (COLMEIROM, Historia econdmica de Espa�a, Taurus, Madrid, 1965, t. 11, p.946)
More productive were Martinica and Barbades to France and England at the middle of the 18th Century than all island, provinces, kingdom and empires of America to spaniards. From Jamaica, the english yearly got 6.000.000 pesos in gold, silver, indigo and cochineal by contraband with spanish territories....