Apogee of Empire

Once Europe's supreme maritime power, Spain by the mid-eighteenth century was facing fierce competition from England and France. England, in particular, had successfully mustered the financial resources necessary to confront its Atlantic rivals by mobilizing both aristocracy and merchant bourgeoisie in support of its imperial ambitions. Spain, meanwhile, remained overly dependent on the profits of its New World silver mines to finance both metropolitan and colonial imperatives, and England's naval superiority constantly threatened the vital flow of specie.When Charles III ascended the Spanish throne in 1759, then, after a quarter-century as ruler of the Kingdom of the Two Sicilies, Spain and its colonial empire were seriously imperiled. Two hundred years of Hapsburg rule, followed by a half-century of ineffectual Bourbon "reforms," had done little to modernize Spain's increasingly antiquated political, social, economic, and intellectual institutions. Charles III,...