The apogee of the Hispano-Genoese bond, 1576-1627

Abstract

The half century between 1576 and 1627 witnessed the most intense relations between the Republic of Genoa and Spain. This period, clearly demarcated at both its beginning and ending points, was ushered in by a brief war in Genoa accompanied by royal insolvency in Spain, and brought to a close by fighting in northern Italy and another quiebra in Spain. The dramatic events that opened this period, however, also forced the Genoese to lay the groundwork for a future internal stability that was to allow the already strong ties with Spain to grow exponentially. Sound ties of mutual dependence - Spanish dependence on Genoese financial capabilities and Genoese dependence on protection from Spain - did not preclude moments of tension. Given the commonality of interest, not to mention overwhelming Spanish military might and the asymmetric nature of the bonds linking the two countries, tensions were destined to be played out on a symbolic level. Such intense bonds, of course, are never eternal and, in fact, at the height of Genoese involvement in Spanish finances and dependence on Spanish arms we see a turning point, the seeds of future shifts to a modified equilibrium which would mature decades later.