The Rise and Ruin of the Spanish Colonial Empire: Ambition, Wealth, and Waning Power From the 1480s to the 1920s, Spain’s colonial empire soared through bold exploration, Catholic fervor, and American silver, dominating from Mexico to Manila. Columbus and Cortés, backed by a unified Crown, secured vast territories, while Portugal carved out African and Asian routes. Spain’s early lead faltered due to bullion dependence, rigid mercantilism, and weak financial systems. By the 17th century, the Dutch and British, with dynamic stock markets and naval supremacy, surpassed Spain. Wars, inflation, and colonial revolts eroded its empire, with Latin America breaking free by 1825 and Cuba lost in 1898. African holdings lingered until 1975. This essay dissects Spain’s rise, stagnation, and fall, detailing pivotal moments, their financial and geopolitical impacts, and parallels with Portugal. Contrasting Spain’s decline with northern European rivals, it tells a saga of imperial ambition and obso...