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American Precious Metals and Their Consequences for Early Modern Europe

  • Nuno Palma
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Abstract

Over the early modern period and beyond, massive amounts of silver and gold were found and mined in the Americas. This chapter reviews the consequences for the European economies. Some second-order receiver countries such as England benefited in both the short and long run. First-order receivers such as Spain and Portugal also benefited in the short run, but their continued exposure to the arrival of massive quantities of precious metals eventually led to loss of competitiveness and an institutional resource curse.

Keywords

American precious metals Early modern period Dutch disease Political institutions Economic growth Comparative development 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  • Nuno Palma
    • 1
    • 2
    • 3
  1. 1.Department of Economics, School of Social SciencesUniversity of ManchesterManchesterUK
  2. 2.Instituto de Ciências SociaisUniversidade de LisboaLisboaPortugal
  3. 3.CEPRLondonUK

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