The Economic Reforms in Mexico in the 18th Century
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In the 18th century the Bourbones became the ruling family in Spain and at once started the reorganization of the economy in Spain and Mexico. In 1792 was founded the Colegio de Mineria to train mining techniques and supplementary skillfulness. The silver mining became of a colossal meaning in the trade world; they sold it for goods like paper, clothing, iron, and flavouring both from Europe and Asia. By Silver also paid the exterior debt that Spain has obtained during the years. Silver became a big business, promoting funds as well as the growth of banks. In the XVIII century Spain sold overseas more that 66 per cent of the world’s silver generally from New Spain and Peru.
A lot of monopolies were split in order to be repossessed by Spain and became larger. An obvious illustration is the tobacco industry in which the country looked over every phase of the process, from collecting of the tobacco leaves to selling of cigars. This was just one of the numerous industries that were adopted; New Spain lost huge amounts of money to Spain when this happened, influencing lots of people.
The Ley de Consolidacioacuten was founded in 1805. It was the church that loaned money to the poor citizens giving them some time to give it back. During the bourbon period the church was to control all the money owed in a short period laps and if citizens did not meet the terms their houses and other possessions were confiscated.
The foundation of the Colegio de Mineria, more liberties of trade, and the usage of silver to get goods looks like a good thing; nevertheless we should remember that this silver gave no benefit the nation of New Spain. The silver went to Spain and Asia; it was taken from the nation it lawfully belonged to. The nation of New Spain commenced to understand the worth of their state.
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