Economy of Hispania

The economy of Hispania, or Roman Iberia, experienced a strong revolution during and after the conquest of the peninsular territory by Rome, in such a way that, from an unknown but promising land, it came to be one of the most valuable acquisitions of both the Republic and Empire and a basic pillar that sustained the rise of Rome.

Before the entrance of Rome into Iberia, almost all of the peninsula was based on a rural subsistence economy with little or very limited trade, with the exception of the largest cities, located mainly on the Mediterranean coast, which had regular contact with Greek and Phoenician commerce.

Phoenician legends had traditionally circulated throughout the Mediterranean about the infinite riches of the Tartessos and how commercial expeditions returned from the coast of Hispania loaded with cargoes of silver. Undoubtedly, these stories contributed to the increase in interest of the Mediterranean powers in the Iberian peninsula.

After their defeat in the First Punic War, Carthage was overwhelmed by the loss of important markets and by the tribute it had to pay Rome as compensation for the war. With the goal of alleviating this situation, the Carthagenians decided to expand along the coast of Iberia, which had until then been outside the area of Roman influence. Carthage, interested above all in getting quick profit, exploited the silver mines along the coastline of Andalusia and Levante, extracting large amounts of this metal with which it financed a great part of the Second Punic War and Hannibal's Italian campaign.

With this purpose and others, one of the first strategic objectives of Rome when invading the peninsula was to take the mines near New Carthage. In part due to the loss of these resources, and in greater part due to the isolation he found himself in, Hannibal had to renounce the war in Italy in 206 BC.

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