Spain nobles did not have to pay taxes, the tax burden fell on the lower classes, that burden prevent them of accumulating enough wealth to start their business, as a result the wasn't middle class, also when Spain expelled the Jews and moors, it lost many valuable artisans and business people.
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Article 1, Section 3 of the Spanish Constitution says, "3. La forma política del Estado español es la Monarquía parlamentaria". That is, "The political form of the Spanish State is a parlimentary monarchy". See the related link.