In the sixteenth century, Spain emerged as a superpower following its conquest of South America. Between 1501 and 1600, 17 million kilograms of pure silver and 181,000 kilograms of pure gold flowed from the Americas to Spain, which spent the money on wars in the Netherlands and elsewhere.
16世纪，西班牙因征服南美而崛起为超级大国。1501—1600年间，1700万千克纯银和181000千克纯金从美洲流入西班牙，并被西班牙用于对荷兰和其他国家的战争。此次流动性剧增在全欧洲造成了经济繁荣和通货膨胀。