The speaker tentatively suggests that Spain's rapid early success led to extractive settlements that failed to create net productive capacity over the long term.

“or there's nothing to get out of this in the long run of course i guess the british did lose control of the new world but for a while they did gain these productive new colonies in the new world and i i don't know what the right word to think about this i mean there is this way of thinking about maybe the spanish set up this extractive because they had this very quick initial success they set up a very extractive uh settlement which um”

“didn't result in net productive capacity in the long run,”