A 'financial revolution' reconsidered; public finance in Holland during the Dutch Revolt, 1568-1648

W. Fritschy

Research output: Contribution to JournalArticleAcademicpeer-review

Abstract

The formation of the Dutch state has recurrently been related to a 'financial revolution' dating from the 1540s, which created a market for provincial 'renten' (annuities) funded by provincial excises and eagerly bought by 'rentiers' in the province of Holland. New research into Holland's public finance shows that a 'tax revolution' was for several decades a much more important factor in Dutch state formation than the capital market. The loan-component of Holland's financial revolution only materialized after 1600 and was built on short-term 'obligations' rather than on long-term 'renten' and on merchants rather than on 'rentiers'.
Original languageEnglish
Pages (from-to)57-89
Number of pages33
JournalEconomic History Review
Volume56
DOIs
Publication statusPublished - 2003

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