In 1914-1918, Spain may have been a second-rate global power when compared to the other giants of Europe, but her armies and economy could have played a major role in World War I. What geopolitical (and/or other) factors prevented Spain from breaking neutrality during the conflict, and to what degree was Spain truly neutral during that great seminal catastrophe that was The Great War?
Not to discourage other answers, but you might be interested in these posts:
Why wasn't Spain more involved in the World Wars (particularly WWI)? - [deleted]
Where was Spain during both World Wars? - /u/Tradition_Incarnate's answer focuses on WWI
Why weren't Spain involved in the first world war? - /u/Orado
I hope those help!