The Collapse of Mercantilism: Anglo-Hispanic Trans-Pacific Ventures in Asia at the End of the Spanish Empire (1815–30)

Abstract

Early modern connections between the Pacific shores of the Spanish Empire have been assessed in previous studies and yet, studies on the subsequent developments during the late eighteenth and early nineteenth centuries are scant. This particularly applies to the consequences of the commercial developments at the end of the Manila Galleon and the collapse of the Spanish Empire in America. Through the analysis of the professional networks of Francisco Xavier de Ezpeleta, and Juan Nepomuceno Machado, which stretched from Asia to Mexico at the time, this paper proposes some preliminary conclusions about trans-Pacific links. It focuses on the study of networks and connections, and builds upon archival sources — mostly from the Jardine Matheson Archive, in Cambridge. In the transition from the eighteenth to the nineteenth centuries, actors who made up Hispanic trading networks in what remained of the crumbling Spanish Empire, reorganised to benefit from opportunities as mercantilist limitations came to an end. In so doing, by the 1820s, Hispanic traders allied with the forebears of the British firm of Jardine, Matheson & Co., and controlled the resulting networks. This paper points to Hispanic trans-Pacific connections during the development of European private trade between East Asia and the Mexican Pacific. Ties between British and Hispanic merchants are key for the analysis of the opium trade and Western imperialism in East Asia, and the development of British commercial hegemony in Latin America in the nineteenth century.