This book delves into the financial revolution that took place in the Habsburg Netherlands, focusing specifically on the County of Holland from 1515 to 1565. It investigates the evolution of public debt, with a particular emphasis on the introduction and widespread use of life-term and perpetual annuities. These financial instruments, which became central to state borrowing, were initially issued by the provincial parliaments and funded by taxes such as the annual bede (subsidy). The study outlines how, during the 1540s, the government was able to induce provincial parliaments to create new taxes and annuities, sparking the development of a voluntary market for state annuities in Holland.
Through a detailed examination of fiscal records and market practices, the book highlights how these innovations reshaped the financial landscape of the region. It explores how Holland, despite being smaller and less populous than other provinces like Flanders, became a leader in adopting long-term public debt instruments. In the 1550s, ordinary citizens willingly invested unprecedented sums in state annuities, marking a significant shift in public finance. The study further traces the subsequent history of long-term debt in the Dutch Republic, linking these early developments to the financial revolution in England, which would follow in the late 17th century.
This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1985.