1778

In 1778, the Royal Decree of Free Trade marked a significant milestone in the economic history of the Canary Islands. Issued by King Charles III, this decree allowed the islands to trade directly with the American colonies, breaking the commercial monopoly previously held by the Casa de Contratación in Seville. This change was part of the Bourbon reforms aimed at modernizing and invigorating the Spanish Empire's economy. For the Canary Islands, it meant an economic revitalization, enabling the export of local products such as wine, sugar, and tobacco, and the import of American goods. Additionally, it fostered the growth of a local merchant class and improved the living conditions of the islanders. The commercial opening also strengthened cultural and social ties between the Canary Islands and America, influencing the contemporary Canarian identity.