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In the 15th century? We're talking about the end of the Reconquista, aren't we? I would have thought it would be hard to deny that in the 15th century the Spanish crown was definitely on the upswing. My thought is that the rise of the Catholic Monarchs, the successful (re)conquest of the entire peninsula, the Spanish Inquisition, and (some decades later) the colonisation of the Americas were all part of a big run of Spanish success.
I don't take the flow of American silver and gold into Spain as being the key factor here because the upswing we're talking about begins in the 15th century - we're talking 1480s onwards, aren't we?
Spain wasn't a dominant power in 1480, though, was it? For dynastic politics reasons Spain happened to be in command of the holy roman empire, but it was Austria that was dominant, not Spain.
Spain was on the upswing but being hapsburgs was probably a bigger part of it than superior tactics due to refinement in battle against the moors(after all, france was also in an existential conflict during the era, as were literally every balkans country).
Spain is already a Great Power under Ferdinand and Isabella, who unite Aragon and Castille in 1479 and complete the Reconquista in 1492, a year in which they also play venture capitalist and sponsor a Genoese nutcase who has the wrong value for the circumference of the Earth and thinks he can sail west to China without running out of fresh water for the crew.
Charles V consolidates the Habsburg Empire in 1519 including Spain, Austria and the formerly Burgundian Netherlands, and then goes on to conquer large parts of Italy (some of which is badged as a reconquest of historic Aragonese territory). When he abdicates in 1545, the Spanish half of the Empire is clearly the senior one, although it includes the now-Spanish Netherlands, which were not part of the Spanish inheritance. But even without the Netherlands, I think Spain including the old Aragonese possessions in Italy is a strong candidate for 2nd-strongest country in Early Modern Europe (after France).
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