Freedom and Growth: The Rise of States and Markets in by Stephan R Epstein

By Stephan R Epstein

In discussions on ecu pre-modern monetary progress, the position of person freedom and of the country has loomed huge. This publication examines no matter if other forms of 'freedoms' (absolutist, parliamentary and republican) brought on assorted fiscal results, and exhibits the impact of alternative political regimes on long-term improvement. It therefore deals new solutions to debates at the transition from feudalism to capitalism and at the reasons of pre-industrial development and divergence

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They find evidence of these changes in the development of English financial markets and state debt after 1688. The Crown’s financial credibility was greatly improved by the fact that it could no longer dictate the terms of the loans and could not arbitrarily default, and by Parliament’s control over taxation; consequently, interest rates fell sharply and the size of the national debt incurred to finance England’s foreign wars soared. By 1720 public debt stood at over fifty times the level of 1688, while nominal interest rates more than halved from 10 to 4 per cent over the same period.

Early 15th c. 5 17: 118 34: 123–4 ” ” ” ” 17: 118 ” 11: 474 ” ” ” Denmark 18th c. 875 5 4 3 5 5 17: 117 3: 19 8: 73 8: 86 3: 318 8: 47 17: 131 14: 227 35: 379 ” 17: 170 ” Habsburg Austria 1555–79 1580–94 late 17th c. 18 6: 131–2 ” ” ” ” Papal States: Rome 1560s late 16th c. early 17th c. 9 27: 296–7 29: 467 26: 740 27: 296–7 29: 466 12: 22 Tuscany (Duchy) early 18th c. 86 3 18: 118–24 13: 456 24: 302 20: 113 1: 155 ” 17: 126 35: 385 17: 156 35: 388 17: 161 ” ” * Rates are the par rate of emission of long term debt, which includes consolidated debt and perpetual rents.

Note that England was able to exercise more pressure on its lenders compared to Continental states precisely because of the lack of external threats to the monarchy; see note 19 in this chapter. 33 The decline in interest rates after 1700 was the result of the country’s financial revolution rather than of a revolution in political freedom and rights. 35 The growing material wealth, new codes of law, religious beliefs and aesthetics, nation states and, ultimately, world expansion associated with western Europe’s ‘great transformation’ can all be traced back to the peculiar dynamism of its urban society and to the social tensions and innovations it brought about.

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