Page "History of Spain" Paragraph 65

The financial burden within the peninsula was on the backs of the peasant class while the nobility enjoyed an increasingly lavish lifestyle.

From the time beginning with the incorporation of the Portuguese Empire in 1580 ( lost in 1640 ) until the loss of its American colonies in the 19th century, Spain maintained the largest empire in the world even though it suffered fluctuating military and economic fortunes from the 1640s.