Since J. Brewer's description of Britain as a fiscal-military state, the expression has become a source of inspiration for other country's studies, as well as a methodological tool to examine the relationship between military spending, the Treasure, the Central Administration's organization and the economy of states. This methodology of study has been applied a few times to eighteenth century Spain, assuming in a way or another, that Spain was also a fiscal-military state at that time. Nevertheless, its final defeat against Britain invites us to consider not only what kind of a fiscal-military state could Spain have been, but if it really can be considered like that. As an alternative reflection, this paper argues that Spain could have not been a fiscal-military state, a description that in the end, can give us a better explanation of the Spanish final military and naval defeat. [ABSTRACT FROM AUTHOR]