Lifelong Learning Programme (LLP)

Tuesday, 18 March 2014

                                DISASTER OF 1898

Spain, which had already lost much of its imperial splendor with the independence of the American colonies at the beginning of the century, lived in the nineteenth a foreign policy that refused to recognize the new situation of average power internationally. Thus, during the reign of Isabel II a "policy of prestige" was designed for military interventions worldwide but was limited during the Restoration, except in northern Morocco and especially in the remains of the Spanish empire: Cuba, Puerto Rico, the Philippines and other minor possessions in the Pacific.

The Cuban and Filipino independence movement against the Spanish rule was increased with the American intervention, culminating in a war between Spain and the United States (1898) that ended in disaster fast: Spain woke suddenly from his imperial dream and faced its harsh political, social and economic reality.

War repercussions:

Although from an economic perspective, one cannot speak of disaster:
The end of the war allowed war minister Fernández Villaverde address some needed reforms in the tax system and debt issuance, which was an improvement of the situation of the Treasury. For the first time in a long time, the Spanish state had surplus in the early twentieth century, and the lost of the colonies was a major repatriation of capital which were invested in the mainland economy.


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