Imperial ‘Free Trade’ and the Hispanic Economy, 1778–1796

Abstract

It has been traditional for students of the Hispanic world in the eighteenth century to identify the introduction of ‘free trade’ between Spain and her American empire as the cornerstone of the Bourbon programme of economic reform. The reasons which they cite are subsumed with admirable clarity by the preamble to the famous Regiamento para el comercio libre of October 12, 1778 itself: the king was convinced, it explained, that ‘only a free and protected Commerce between European and American Spaniards can restore Agriculture, Industry, and Population in my Dominions to their former vigour.