By 1700 there were 625,000 hidalgos, knights of the battlefield, although the country was emptying: its population had dwindled by half in somewhat more than two centuries, and was equal to that of England, which had doubled in the same period. The Hapsburg regime finally ended in 1700 amid total bankruptcy. Chronic unemployment, idle latifundios, chaotic currency, ruined industry, lost wars, empty coffers, central authority ignored in the provinces: the Spain that Philip V faced was “hardly less defunct than its dead master.”
