Spain

Empire: Massive American empire (Mexico, Central America, most of South America, the Philippines)

Economic system: Extracted silver from mines like Potosi (Bolivia) using forced indigenous labor (mita system) and enslaved Africans. Used the encomienda system to grant Spanish colonists labor rights over indigenous people.

By 1750: Declining. Spanish silver had fueled European inflation and eventually flowed to China to pay for Asian goods.