I know this has been discussed before, but the search engine hasn't been working for me for the past couple of days, so I got fed up and decided to make a new topic.
Basically, I'm working on a TL where Spain doesn't get tons of American gold shipped over during the 16th-17th centuries. What effects would this have on Spain and the rest of Europe? I understand that the sheer amount of gold and silver coming across the Atlantic lead to inflation throughout Europe, eventually causing many problems. What would happen to Europe without this inflation?
Basically, I'm working on a TL where Spain doesn't get tons of American gold shipped over during the 16th-17th centuries. What effects would this have on Spain and the rest of Europe? I understand that the sheer amount of gold and silver coming across the Atlantic lead to inflation throughout Europe, eventually causing many problems. What would happen to Europe without this inflation?