A History of Modern Europe - From the Renaissance to the Present

Conclusion 207

ial interests beyond the ability of the state to sustain them. When silver from
the Americas slowed to a trickle, Spains own limited natural resources and
inability to collect taxes efficiently, combined with demographic stagnation
that began early in the seventeenth century, as well as, arguably, resistance
from Aragon and Catalonia, prevented a revival of Spanish preeminence.
The long revolt of the Netherlands ended with recognition of Dutch inde­
pendence in 1648. That the Dutch Republic and England, two trading
nations, had emerged as European powers reflected the shift of economic
primacy to northwestern Europe.