American Precious Metals and Their Consequences for Early Modern Europe

Research output: Chapter in Book/Report/Conference proceedingChapter


Over the early modern period and beyond, massive amounts of silver and gold were found and mined in the Americas. In this chapter, I review 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.
Original languageEnglish
Title of host publicationHandbook of the History of Money and Currency
EditorsStefano Battilossi, Youssef Cassis, Kazuhiko Yago
PublisherSpringer Singapore
ISBN (Electronic)9789811006227
Publication statusPublished - 2019


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