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I was reading Spain: A History by Malveena McKendrick today when I came across this quote:

"The supreme irony is that it is possible to regard the acquisition and colonization of America as, not the saving, but the downfall of Spain."

She then goes on to cite the inflation caused by gold and silver imports, the military costs associated with maintaining the colonies, emigration of talented individuals, and increasing hostility by other European countries.

Is McKendrick correct? Could Spain have been a more powerful or prosperous country in the long run if it had not conquered the New World?

Although I use "Spain" in this topic, you can also use the personal union of Castile and Aragon if you prefer to talk about the pre-Columbian period.
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