What were the economic consequences for Spanish America of Napoleon invasion of Spain?
The economic consequences for Spanish America of Napoleon's invasion of Spain were significant.
1. Disruption of trade: The invasion led to a disruption of trade between Spain and its American colonies, as communication and transportation routes were severed. This had a negative impact on the economy of Spanish America, as trade was a key source of revenue for the colonies.
2. Decrease in revenue: The invasion of Spain also led to a decrease in revenue for the Spanish crown, as resources that were previously sent from the colonies to Spain were now diverted to support the war effort against Napoleon. This contributed to a weakening of the colonial economy.
3. Rise of local government: With the Spanish crown weakened by the invasion, local governments in Spanish America began to assert more control over their economies. This had both positive and negative consequences, as it allowed for greater autonomy and local economic development, but also led to increased corruption and exploitation by local elites.
4. Decline of the colonial economy: Overall, the invasion of Spain by Napoleon had a negative impact on the economy of Spanish America, leading to a decline in trade, revenue, and economic stability. This contributed to growing discontent and eventual movements for independence in the colonies.