What it was
Built on the conquered Inca lands and ruled by a viceroy for the Spanish crown, it was one of the two great viceroyalties of Spanish America. Lima became a rich center of colonial power and culture.
Role
Its economy rested on the silver of Potosí, Indigenous labor under the mit’a, and Pacific and Atlantic trade. Later reforms split off the viceroyalties of New Granada and Río de la Plata.
Fate
The viceroyalty ended with the independence wars, effectively falling after Ayacucho in 1824. Its territory became Peru and, in part, several neighboring republics.