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That's certainly one important factor but not the only one.
Iberians reached new lands and only cared about sending resources back to Europe. They didn't care for development of new nations, in fact the colonials had a minimal settled ruling class that took all lands for their own, leaving natives and blacks basically working for them as slaves in infra-human conditions. That's where the division of class in Latin America started; a white minority with power ruling over all kind of poor and uneducated mestizos and mulatos. These differences and abuses from the white ruling class has caused major rebellions and political unsuitability since then, and even nowadays in some cases it's hard to see a light at the end of the tunnel.
On the other hand, the english colonies wanted to actually live and progress in the new found land, and did everything in their power to succeed, giving away lands to their own people, promoting immigration and positive laws, building successful countries. Of course to achieve that, they had to commit a massive genocide of natives and enslavement of blacks. But the combination of both things is what made english colonies to quickly success as developed countries.
But as I said, it's not like iberians didn't abuse in every way of natives and blacks as well, they just didn't have the will or vision to purposely wipe them off and take the lands for their own like it happened with the english colonies. (by all means Im NOT defending that action, just analyzing). They just wanted to flee back to Europe and sell the goods they found in these new rich lands and create convenient ties with the small ruling class that remained in LA.
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