Because of New World gold, Spain became the premier power in Europe. But, as you say, when the gold ran out, the power declined. The bones were picked over in the War of the Spanish Succession.
the amazing thing is that they just frittered away all that wealth. they couldn’t figure out a way to reinvest it in a new industries so that spain would not be a one trick pony.
The same crises is going to come to the gulf states in about 15-20 years.
We are in the early years a new energy revolution that’s coming in from all sides. The end result will be that energy prices in 15-20 years are just going to be crushed.
The walls are going to close in on the countries that have lived on oil revenues alone—and have not bothered to diversify.
There’s a bunch of countries in that category. Including Venezuela and Russia and the north African states.