Most of this book refers to the reigns of Charles III, Charles IV, and Ferdinand VII. As such, it is one more proof that during the half century preceding the emancipation of the Spanish American mainland, the Spanish monarchy—in spite of the ineptness of its central government—was a vigorously growing organism. Naturally, this truth is more evident in economic than in diplomatic history. Consequently, there is a great need for works like Professor Ely’s.

The main limitation of the present study is that it is based exclusively on printed sources. For one, notarial archives in America—indispensable for a thorough knowledge of its economic history—have been appreciated more by polillas than by historians. On the other hand, secondary sources are subject to the prejudices of their authors. Speaking in general, this is true of their overall appraisal of the role and policies of the Spanish Empire. In particular, I wish to point out that white immigration was a minor factor in population growth and natural increase a major one; and that the population explosion which characterizes eighteenth-century Spanish America was perhaps the most important single factor in bringing about the tremendous economic growth at the turn of the century. After all, nothing can be produced for export without a labor force, and nothing will be imported where there are not enough buyers.