By Marjolein 't Hart, Joost Jonker, Jan Luiten van Zanden
This ebook is the 1st complete assessment of Dutch monetary background from the 16th century to the current day. it truly is replete with information and figures drawn from clean examine for the main parts that made up our minds the advance of public finance, foreign money and banking. It presents a step by step description of the evolution of the monetary platforms in a single of the pioneer nations of contemporary finance.
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Additional info for A Financial History of the Netherlands
In 1625-9, the farmed taxes contributed 6,301,000 annually. After this round of tax raises, few new taxes were introduced, apart from an increase in the duty on milling and a new tax on the keeping of servants. In 1635-9 this sum had climbed up to 7,630,000. 8). Apart from a small duty on wagons no taxes were abolished with the signing of the peace in 1648. Thereafter, a downward economic trend affected revenues. A minor improvement occurred in the 1660s. But this was nullified by a drop in revenue in the 1670s, due to warfare conditions, despite a doubling of the beer and milling duties and the reintroduction of some minor taxes.
For a while, the credit of Holland was weak. The confiscation of the possessions and assets of catholic institutions, related to the introduction of the Dutch Reformed Church, was helpful as well. Rates of interest could drop again, lowering to slightly over 8 per cent in the 1580s. 25 per cent, which had been the level of the early sixteenth-century loans. Around 1650 they attained the level of 5 per cent. Thereafter the rate stabilised at 4 per cent, although it dropped even to 3 per cent for a short period of time.
Ad hoc measures became permanent. Due to the hatred of the Habsburg measures, the process of centralisation that had begun under the Burgundian dukes was reversed into a diverging trend. The new Republic became a confederation, in which each of the United Provinces were sovereign. They agreed to a common effort, in particular for waging war against Spain. A new States General was constituted, with representatives of the provinces along with a new Council of State, the executive body. Both came to be located in The Hague.