[tgv]

It's not an unfair assessment, marred by an identity-related political snark coming out of nowhere at about 80%. Spain really did squander its wealth. There are also differences, of course.

Spain was a real monarchy, although much of the power actually lay in the hands of one royal adviser. In case of Spain's 17th century decline, that was Olivares. But the downfall was not only overspending on warfare, but also personal ambitions (leading to infighting), rebellion (Portugal and Catalonia internally, but in colonies as well), and the ad-hoc structure of financing. The monarch was paying the army out of his own pocket. Lending, tax evasion and consequently renewed taxation formed a death spiral, certainly when the imports from South America faltered (a direct consequence of the war).

So if there's a lesson, it's: structural reforms should be made well in advance. But that lesson can be learned elsewhere, too.

[fredgrott]

you miss the core point that infrastructure changes were blocked by the same elite-ism of not paying attention to the in-equality in the labor ranks due to over taxation and other ills.

It is political in nature due to the political processes that have a hold on whether and how it might change.