Culturally, a new wave called the Generation of '98 originated as a response to this trauma, marking a renaissance in Spanish culture. Economically, the war benefited Spain, because after the war large sums of capital held by Spaniards in Cuba and the United States were returned to the peninsula and invested in Spain. This massive flow of capital (equivalent to 25% of the gross domestic product of one year) helped to develop the large modern firms in Spain in the steel, chemical, financial, mechanical, textile, shipyard, and electrical power industries. However, the political consequences were serious. The defeat in the war began the weakening of the fragile political stability that had been established earlier by the rule of Alfonso XII.