Industry and Commerce
nNative Populations had was some industry, like sheep raising and small textile sweatshops.
nLatin America became self sufficient in foodstuffs and material goods, requiring from Europe only luxury items.
nAll trade was reserved for Spaniards and was funneled through Seville and Cádiz.
nA Board of Trade controlled commerce working with a merchant guild (consulado) in Seville
that had extensive rights over
American trade.
nTo protect their silver fleets from rivals and pirates the Spanish organized a convoy system made possible by the development of heavily armed galleons.
•Galleons also transported Chinese products from the Philippines to Mexico.
•Strongly fortified Caribbean ports provided shelter for the ships.
•Only one fleet was lost before the system ended in the 1730s.
