If the development of economic thought is explicable as an intellectual reaction to
problems of the times, certainly Spain’s economic history has provided fertile ground for
the growth of economic ideas. Following Columbus’s discovery of the New World in 1492,
Spain became an important economic player in Europe as a result of its emphasis on the
acquisition of gold and silver, by whatever means, largely from what is now Mexico and
from Central and South America. This inflow of gold into Spain soon precipitated increases
in price levels throughout the nation. Not unexpectedly, Spanish intellectuals began to
assess the ramifications of these rapidly unfolding economic phenomena