Spain's surviving power after 1898

Did the Spanish-American War end Spain as a major power until the Franco era?

Not entirely. Spain ceased to rank alongside the leading global powers, but it retained possessions, rebuilt, and remained stronger than a number of smaller states.

The classroom shorthand that 1898 simply ended Spain until the Franco era misses a more complicated recovery. Spain did not rebuild enough to threaten the United States, Britain, or France as a peer. It nevertheless retained overseas holdings and recovered enough strength to remain dangerous to a number of smaller states. Spain's loss of first-rank imperial status therefore left it with substantial regional power.