> the early conquests had a focus on bullionism: getting gold and silver. But it soon became clear that sugar, cotton, etc were more fundamental to prosperity

Maybe less clear to Spain, which did perhaps too well with the silver? Which may have been a contributing reason to the rise of the British (and Dutch) colonial empire(s), because not getting that huge influx of silver and gold, their merchants had more incentive to keep their eyes open for other ways to make money. (Just a WAG, not a historian.)