Filetype
Historians often use the concept of financial revolutions to explain the rise of the Dutch Republic, claiming that innovations in government funding allowed for marked progress in the field of public finance. The article focuses on the medieval precursors of the financial revolution, which the States of Holland brought about when they introduced province-wide public debt in the sixteenth century.
Historians of the Dutch Revolt have suggested that the success of the rebellious provinces can be explained by sixteenth-century financial innovations that improved the creditworthiness of the States of Holland. This article claims that this development was triggered by a severe crisis of public finance in these States at the end of the fifteenth century. An analysis of the ensuing reorganization
Public debt soared in the late-medieval Low Countries: towns borrowed considerable sums from creditors and often ended up defaulting on their financial obligations. The author uses a tax inquiry from 1514 to demonstrate that villages also managed to create funded debt, which they secured on the public body of the village. As a result, around 1500 the majority of the villages in Holland owed annuit
