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The Castilian arbitrism of the 17th century demonstrated great concern about the colonial trade; however, the Spanish Treasure Fleets are only moderately present in arbitrista culture. How can this paradox be explained? This paper proposes an argument based on three ideas: 1) there was a contradictory relationship between the arbitrista culture and the institutional system of the Fleets; 2) this relationship changed throughout the 17th century: during the first decades of the century the institutions disincentivized arbitrismo and, during the last ones, they tended to repress it; 3) this evolution is largely due to the transfer of the Fleets from Seville to Cadiz.

Pensamiento arbitrista y estructuras institucionales en la carrera de Indias (siglo XVII): entre la desincentivación y la represión