O’Brien, Patrick K. (1988) “The Political Economy of British Taxation, 1660-1815”, The Economic History Review , 41/1, 1-32.
Disclaimer: this summary is written by the contributors of the blog and not by the author of the article. Any mistake is Manuel’s fault (and he shall be punished).
From the Restoration to Waterloo, warfare occupied nearly half the fiscal years, imposing an ever-increasing burden upon the British taxpayers (p.1). The sudden extra expenditures caused by the conflicts were met not through higher taxes but thanks to loans obtained on the London capital market. The British “tax system was [not] elastic or reliable enough to finance abrupt transitions”. The service of the debt contracted during wars soon took over most of peacetime budget (p.2). Read the rest of this entry »