In Marx’s view, capitalism had arisen in the late Middle Ages out of a production system dominated by lords and guilds. In this framework, urban economies can be regarded as the craddle of capitalism (p.44), the places where capital and labour were separated through the use of putting-out, or the hiring of a migrant or female workforce (p.45). However some cities, such as Leiden and Lille where artisans remained proprietors of their means of production, still managed to integrated the very competitive European textile market (p.46). Read the rest of this entry »
Fritschy W. (2003) “A ‘financial revolution’ reconsidered: public finance in Holland during the Dutch Revolt, 1568-1548”, The Economic History Review, 56/1, 57-89.
A financial revolution is often mentioned as an important pre-condition for the rise of a modern state. Post-1689 Britain is the best-known example: a shift from short-term to long-term public debt guaranteed by the Parliament allowed the British government to increased substantially its budget (p.57). A roughly similar process is said to have taken place in the Netherlands at a provincial level, in Holland in the 1540s for instance state´s annuities (renten) are assumed to have replaced the cities’ short-term obligation (p.58). Read the rest of this entry »