In the years between 1808 and 1825 a new relationship was established between the Spanish American economies and the world economy. In comparison with their much fuller incorporation into the expanding international economy which began around the middle of the century and became more pronounced from the 1870s, the changes which accompanied the achievement of political independence may well appear superficial and limited; nevertheless, they constitute a decisive turning-point in the relations between Spanish America and the rest of the world.

The old colonial commercial system had been breaking down since the end of the eighteenth century, but it was only after 1808 that Spain was finally eliminated as the commercial intermediary between Spanish America and the rest of Europe, especially Britain. The special circumstances prevailing both in Europe and the Atlantic economy as a whole at the time had important consequences for Spanish America's future commercial relations. The advance of the French armies into the Iberian peninsula, which triggered off the separation of the American colonies from Spain and Portugal, was intended to complete the closure of continental Europe to British trade. Increasingly isolated from its European markets, Britain was trying, with an urgency bordering on desperation, to replace them. Thus, the opportunity provided by the transfer of the Portuguese court to Rio de Janeiro to trade directly with Brazil for the first time was eagerly accepted. And as, following the overthrow of the Spanish crown in Madrid, the first political upheavals in Spanish America occurred, Rio de Janeiro became not only the entrepôt for an aggressive British commercial drive in Brazil itself but also in Spanish America, especially the Río de la Plata area and the Pacific coast of South America.