New century liquidating trust

To fully understand the peculiarities of the history of the system of public finance, and that of the closely related system of private (international) finance and banking of the Dutch Republic, one has to view it in the context of the general history of the Netherlands and of its institutions, and of the general Economic History of the Netherlands (1500 - 1815).

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To that end it was necessary to put in place a number of fiscal reforms that would ensure that the public debt could be adequately serviced (thereby increasing the creditworthiness of his government).

In 1542 the president of the Habsburg Council of State, Lodewijk van Schoor, proposed the levy of a number of taxes throughout the Habsburg Netherlands: a Tenth Penny (10 percent tax) on the income from real property and private loans, and excise taxes on beer, wine, and woollen cloth.

The financial history of the Dutch Republic involves the interrelated development of financial institutions in the Dutch Republic.

The rapid economic development of the country after the Dutch Revolt in the years 1585 - 1620 accompanied by an equally rapid accumulation of a large fund of savings, created the need to invest those savings profitably.

As by the end of the 17th century structural problems in the Dutch economy precluded profitable investment of this capital in domestic Dutch sectors, the stream of investments was redirected more and more to investment abroad, both in sovereign debt and foreign stocks, bonds and infrastructure.

The Netherlands came to dominate the international capital market up to the crises of the end of the 18th century that caused the demise of the Dutch Republic.

Alas, these two latter provisions were never implemented.

Instead, the provinces continued the practice under the Habsburg rulers that the provinces paid a fixed quotum (the repartitie) of the budget.

Those were able to withstand the onslaught of the royalist forces militarily, because of the fiscal basis they had built in previous years.

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