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A ‘Financial Revolution’ revisited: public finance in Holland during the Dutch Revolt, 1568–1648
Author(s) -
Fritschy W.
Publication year - 2003
Publication title -
the economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.014
H-Index - 49
eISSN - 1468-0289
pISSN - 0013-0117
DOI - 10.1111/1468-0289.00242
Subject(s) - citation , library science , political science , history , economic history , computer science
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'