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The short answer is the difference in economic styles.

The not so long answer is that all begun with the rise of a Protestantism in the previous century (1500s). Spain and Portugal remain Catholic while Holland and England shifted towards Protestantism. This inevitably cause wars between them. To pay for this wars Holland innovated a whole new financial system that the English later dearly copy.

Equipped with a new religion and economy Holland and England logically needed a new political system that supported both Protestantism and Capitalism. This was to be the key turning point for Spain all mighty power as they remain running their country with a now antiquated political, religious and economic system.

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