Before 1800 the most profitable economic activity for Spain in its colonies was?

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Before 1800 the most profitable economic activity for Spain in its colonies was?

The export of finished goods to Europe 

ranching and herding 

mining and smelting of metals 

manufacture and processing of cottons and cloth

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Spain was also involved in colonization works due to its huge economic power and military. Their navy was dominant in the world before 1800 , after which the British replaced them as a naval power. One of the main reasons behind this power was the mining  and processing capacities developed by the Spanish. 

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