King Charles III in 1778 establishes the…
1778 CE
King Charles III in 1778 establishes the “Decree of Free Trade,” which allows the Spanish American ports to trade directly with each other.
Commerce will therefore no longer be restricted to four colonial ports (Veracruz, Cartagena, Lima/Callao, and Panama).
Tax reductions are given to the silver mining industry.
Tobacco proves to be a successful crop after state monopolies are expanded.
Also during this time, many of the colonies begin to produce an abundance of resources that become vital to many European powers and the thirteen North American colonies that have declared themselves the United States of America.
The trade with the colonies and various countries is however, considered contraband, and many of the Bourbon kings try to outlaw it through various programs like increasing the customs receipts, though the efforts provide little result.