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The Founding of the Dutch RepublicWar, Finance, and Politics in Holland, 1572-1588$
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James Tracy

Print publication date: 2008

Print ISBN-13: 9780199209118

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199209118.001.0001

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War Finance and Fiscal Devolution

War Finance and Fiscal Devolution

(p.37) 2 War Finance and Fiscal Devolution
The Founding of the Dutch Republic

James D. Tracy (Contributor Webpage)

Oxford University Press

Wars with France made Charles V's government in Brussels dependent on the creditworthiness of the provinces. The provincial states issued long‐term bonds (underline renten), using the capital to pay off high‐interest bankers' loans, but the states (not the central government) collected the taxes by which bonds were funded. By 1557 things looked so desperate that Philip II summoned the States General—a risk his father had carefully avoided. While the revenue plan adopted was found to be unworkable, the fact that the larger assembly had been convened to deliberate on high policy did much to enhance its prestige. Meanwhile, Antwerp's bankers followed the money; they dealt not with government officials (who now had little disposable revenue) but with the provincial parliaments.

Keywords:   Habsburg–Valois wars, Mary of Hungary (regent of the Netherlands, 1531–1555), Devolution, Fiscal devolution, Funded debt, Long‐term bonds (underline renten), States General, Provincial States, International bankers

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