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THE ECONOMY IN THE 17TH CENTURY, image, image, image, image, image, image,…
THE ECONOMY IN THE 17TH CENTURY
THE EUROPEAN ECONOMY
In the 17th century, there was an agricultural crisis.
Agriculture was the main economic activity and was seriously affected by the following factors:
Plagues
Caused an increase in mortality
Reduction in the agricultural workforce
Wars
Areas being plundered
Reduction in the workforce in the countryside.
Agricultural production decreased.
Farmers
Migrated to the cities to avoid paying taxes
Agricultural techniques
Were outdated which resulted in low productivity
There were years of bad harvest
When agricultural production decreased, prices rose
The majority of the population did not have enough food.
Subsistence crisis
Occurred frequently in the 17th century
Hunger spread resulting in a decrease in the population or demographic decline
In the second half of the century, the situation improved slightly.
Compensating for the previous decline.
An increase in the population
The following factors enabled this recovery to occur:
There was a growth in colonial trade
To organize a trading system.
Some kings encouraged the founding of private trading companies.
The incorporation of English, French and Dutch traders.
The textile industry grew in some countries
Holland
England
There were fewer wars.
The monarchs intervened in the economy
Implemented the mercantile system.
Increase the number of precious metals entering their kingdoms
Prevent them from entering other countries.
Protect national industries by taxing imported products.
ECONOMIC CRISIS IN SPAIN
The Spanish monarchy became involved in more wars than the other European powers.
Worsening of agricultural crisis
Resulting in a greater demographic decline.
The agricultural crisis and the decline in the population.
The expulsion of the Moriscos in 1609
More than 300.000 people left the peninsula.
Negative impact in the agriculture.
Many farmers left the countryside due to the hard way of life.
They migrated to the cities where they survived by begging.
Picaros (rogues)
Became more predominant.
These are people from a low social class.
They manage to survive by deceiving and cheating others.
Others migrated to America in order to escape poverty.
The trade and craft industry crisis
Other kingdoms were creating and expanding their colonial empires.
Whereas, the Spanish monarchy ran out of resources from the Americas.
The mines were almost empty.
Therfore, the Spanish monarchs' main source of income decreased.
Their sea route to the Americas was constantly under threat from pirates and smugglers.
There was a crisis in the craft industry.
Compared with other countries, the prices of Spanish manufactured products were not competitive.
Trade with the Americas also decreased.
Craft industries were established locally to meet the demand.
