The document discusses Philip II of Spain and the growth of the Spanish empire in the 16th century. It summarizes that in 1555, Charles V abdicated in favor of his son Philip II and retired to a monastery. In 1580, Philip II acquired control of Portugal and its global empire. The Philippines were also seized by Spanish forces in Philip's honor in the 1560s. The document also discusses the history of slavery, noting that indentured peasants were generally more productive than slaves. It describes how the slave trade increased dramatically due to European demand starting in 1444.