Mercantilism: Mercantilism is an economic system where countries sought to increase their wealth by exporting more goods than they imported. In relation to New World mines, Spain's effective extraction system would have allowed them to amass more silver, increasing their wealth and dominance in the global economy.
Bullion: Bullion refers to precious metals like gold or silver that are in bulk form, usually in bars or ingots. Without an effective extraction system for New World mines, there would have been a scarcity of bullion, limiting Spain's ability to trade and influence international markets.
Transatlantic Trade: Transatlantic trade refers to the exchange of goods between Europe, Africa, and the Americas during this period. A lack of effective silver extraction from New World mines would have disrupted this trade network since silver was a highly valued commodity used for transactions across continents.