6. SOCIETY AND ECONOMY IN HISPANIC AMERICA THE COLONIAL ECONOMY - Hispanic America was forced to adopt a system of colonia dependency. - - Their economy was aimed to satisfy the needs of he Spanish Monarchy. - The indigenous population was considered inferior to the Spanish. 1. Mining - The first conqust provided large amounts of gold a silver. - Mining was the most important sector in colonial America - Important silver mines in northern Mexico (Zacatecas) and Bolivia (Potosi) 2. Agriculture - Demand for food led to the creation of large cattle ranches for local production - Hacienda estates were created to provide prducts to be exported to other continents like cocoa, sugar or tobacco. 3. Craftsmanship - It was less developed to avoid competing with products from Europe. - Craftsmen created all the goods that would be sold. - People made furniture, horseshoes and ox shoes.