ope at this time. Antwerp's golden age is tightly linked to the "Age of Exploration". Over the first half of the 16th century Antwerp grew to become the second-largest European city north of the Alps by 1560. Many foreign merchants were resident in the city. Francesco Guicciardini, the Venetian envoy, stated that hundreds of ships would pass in a day, and 2,000 carts entered the city each week. Portuguese ships laden with pepper and cinnamon would unload their cargo. According to Luc-Normand Tellier "It is estimated that the port of Antwerp was earning the Spanish crown seven times more revenues than the Americas."
Without a long-distance merchant fleet, and governed by an oligarchy of banker-aristocrats forbidden to engage in trade, the economy of Antwerp was foreigner-controlled, which made the city very cosmopolitan, with merchants and traders from Venice, Ragusa, Spain and Portugal. Antwerp had a policy of toleration, which attracted a large orthodox Jewish community. Antwerp was not a "free" city though, since it had been reabsorbed into the Duchy of Brabant in 1406 and was controlled from Brussels.
Antwerp experienced three booms during its golden age: The first based on the pepper market, a second launched by American silver coming from Seville (ending with the bankruptcy of Spain in 1557), and a third boom, after the stabilising Treaty of Cateau-Cambresis, in 1559, based on the textiles industry. At the beginning of the 16th century Antwerp accounted for 40% of world trade. The boom-and-bust cycles and inflationary cost-of-living squeezed less-skilled workers. In the century after 1541, however, the city's economy and population declined dramatically, while rival Amsterdam experienced massive growth.
The religious revolution of the Reformation erupted in violent riots in August 1566, as in other parts of the Low Countries. The regent Margaret, Duchess of Parma, was swept aside when Philip II sent the Duke of Alba at the head of an army
