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For three centuries New Spain was one of the great jewels of Spain’s colonial empire, producing wealth for immigrants and the Crown. The brunt of the labor was performed by indigenous Mexicans, often under duress, but natives also succeeded in seizing opportunities to promote their interests. It is tempting to portray the economic history of Mexico as a simple story of domination of colonial subjects by their European rulers, and indeed historians have often resorted to this straightforward rendition. This article, while certainly presenting the conventional wisdom, presents a more complex story, highlighting debates among historians on a wide range of issues, from the experiences of indigenous people to the profitability of colonialism. What follows is a general presentation of New Spain’s economy.