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Origination of Capitalism

As you are on the general topic anyway, and since Michael is inviting 100
word answers to presumably complex topics, could somebody please explain why
capitalism originated in England as opposed to Spain.  I am trying to
understand the connection between slavery and imperialism and the
origination of capitalism.  Was not Spain the most powerful nation in Europe
in the 16-17th centuries and in possession of large colonies which it
exploited?  If so, why capitalism in England and not Spain?  Or is the
assumption of my question wrong?

Thanks,

David Shemano
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