Why is the city of Potosi credited with the economic surge of Spain in the 16th century?

The city of Potosi in southern Bolivia is located in the shadow of the famous Potosi Mountain.

Sitting on a cold and barren plateau at 4050 metres, it is one of the highest cities in the world. The city is famous for the thousands of silver mines which supplied silver to Spain in the colonial era.

It was the world’s largest industrial centre in the 16th century. Potosi became an imperial city after the visit of Francisco di Toledo, the Viceroy of Peru, in 1572. The biggest silver lodes in the New World were discovered in the south of Potosi, at Cerro Rico de Potosi. This discovery increased the prosperity of the city.

Potosi exported enormous quantities of precious metals to Seville in Spain causing an increased production of Spanish currency. Spanish American mines were the richest source of silver during this time. The mining in Potosi also increased to meet the high demand for silver in China. However, most of the wealth from this exchange went to Spain and the Spanish monarchs.

The influence of this city also extends to architecture and monumental arts in the central Andes. The baroque style with native Indian influences spread from Potosi to other cities in the region.

Picture Credit : Google

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