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when Spain expelled the Jew's and Muslims it lost many valuable artisans and business people. and Spain's nobles did not have to pay taxes.
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.Philip's first marriage was to his cousin Princess Maria of Portugal, who gave him a son but died 4 days after birth.
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He inherited Spain, the Spanish Netherlands, and the American colonies.
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Europe was experiencing religious wars caused by reformation
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he unwillingly agreed to the peace of Augsburg
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the seven northern provinces of England which were largely protestant declared their independence from Spain
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more than 200 Spanish and Venetian ships defeated a large ottoman fleet in a fierce battle near Lepanto
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Philip was at war with France
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the first reason why inflation occurred is because of Spain's population growth more people were demanding food and goods which allowed the merchants to raise their prices. another reason is because silver bullion flooded the market, its value dropped which meant that you needed more money to buy things.
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His empire became wealthy and by 1600 he had 399,000 pounds of gold and by 1550 and 1650 roughly 16000 tons of silver.
