MAGELLAN	COLUMBUS	PIZARRO

GENERAL OVERVIEW:

The Portuguese were the first to push out into the Atlantic, but it was Spain, following close behind, that built a New World empire that provided the economic basis for a period of Spanish supremacy in European affairs. In the short run, Spanish gold and silver form the New world made the Spanish Netherlands the financial and manufacturing center of Europe, and Spain became Europe's greatest military power. In the long run, however, overseas expansion ruined the Spanish economy, created massive European inflations, and brought the end of Spain's empire in Europe.

Schmiechen, James. A History of Western Society, 6th ed. Study Guide vol. II. Boston: Houghton, 1999. (pp. 245-246)