>>13498582An article about financial history notes that when Spain get its colonies, immense wealth flowed into the country and to its people and it became an ideal NOT to work (see Hidalgo). Instead they just bought what they decided they needed and this gave rise to trade with France and Germany and industry there but, importantly, not in Spain. Meanwhile industry in Spain eroded, financial system became extremely sensitive. And this worked well as long as colonies kept pouring in vast amounts of wealth.
And that didn't last. Unfortunately the ideal of not working lasted. And this, according to the article, is the reason why to this day Spain is in a financial mess. It also explains why Spain has had so little impact in science, it is too much like work.
