What is the cause of the Spanish's economy decline and at times Spain was bankrupt?

The decline of Spain's economy can be attributed to several factors, including heavy reliance on agriculture and a lack of industrialization, which made it vulnerable to economic fluctuations. Additionally, excessive government spending, particularly during the Spanish Civil War and its aftermath, contributed to significant national debt. Economic mismanagement, coupled with the loss of colonies in the late 19th century, diminished Spain's global economic standing and led to periods of bankruptcy. These issues, combined with external pressures such as global economic crises, further exacerbated Spain's financial instability.