The capital that stayed in Latin America, after the lion’s share went into the primitive accumulation process of European capitalism, did not generate a process similar to that which took place in Europe, where the foundations of industrial development were laid. It was diverted instead into the construction of great palaces and showy churches, into the purchase of jewels and luxurious clothing and furniture, into the maintenance of flocks of servants, and into the extravagance of fiestas. To an important extent this surplus was also immobilized in the purchase of new lands, or continued to
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The difference in the use and accumulation of capital in Europe and Latin America; this difference is reflected in the presence or lack thereof in these respective parts of the world
