The Bourbon Reforms (in Spanish: Reformas Borbónicas) were a set of economic and political legislation introduced by the Spanish Crown under various kings of the House of Bourbon throughout the 18th century. The reforms were intended to stimulate manufacturing and technology in order to modernize Spain. In Spanish America the reforms were designed to make the administration more efficient and to promote its economic, commercial, and fiscal development. The crown did this in hopes that it would have a positive effect on the economy of Spain. Furthermore, the Bourbon Reforms were intended to limit the power of Creoles and re-establish Spanish primacy over their colonies.
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“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)