Napoleon and The War of Independence
Spain's American colonies took advantage of the postwar chaos to proclaim their independence, and most established republican governments. By 1825 only Cuba and Puerto Rico remained under the Spanish flag in the New World. When Ferdinand VII was restored to the throne in Madrid, he expended wealth and manpower in a vain effort to reassert control over the colonies. The move was unpopular among liberal officers assigned to the American wars and they tried to restore the Bailen Constitution.
Read more about this topic: Economic History Of Spain
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