What were the direct consequences of the wars of independence on the Latin American economy?

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The wars of independence in Latin America led to a shift in control over international trade from the Peninsulars (those born in Spain) to the Creoles (those of Spanish descent born in the colonies). This change was a direct consequence of the independence movements, as the Creoles often led these movements and sought to take control of economic activities from the colonial rulers.

What Were the Direct Consequences of the Wars of Independence