New estimates of Spain's current-account balance with the «Indies» add new perspectives to the recent debate on the aims and results of Spanish commercial policy. At the height of «comercio libre» in 1784–92, Spain's private commercial interests appear to have drawn larger financial returns from the Indies than did their British counterparts from wider colonial engagement. On this as on other scores, by the eve of the French wars the Spanish empire appears to have become a sounder economic proposition than might be inferred from recent pessimistic views. The empire's subsequent demise may have involved a greater degree of geographical and dynastic accident than is seemingly apparent.
