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Public Finance

In: Government and Merchant Finance in Anglo-Gascon Trade, 1300–1500

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  • Robert Blackmore

Abstract

Taxes on Anglo-Gascon trade were major contributors to royal income in both England and Aquitaine. At the same time, merchants helped to move money between territories, and the commercial credit and loans they provided covered fiscal deficits, particularly with the very great costs of warfare. Yet government finances based on trade acquired any volatility in the underlying commodity markets. Revenues were inherently unstable in the short run, and in the long run they were in decline with tumbling trade levels, as well as growing political tax exemptions, evasion, and monetary instability. Over time the location of most taxation moved from the duchy back to England, as did most government borrowing. By the mid-fifteenth century the Plantagenets gained little in terms of the financial benefits from trade they had at the beginning of the fourteenth.

Suggested Citation

  • Robert Blackmore, 2020. "Public Finance," Palgrave Studies in the History of Finance, in: Government and Merchant Finance in Anglo-Gascon Trade, 1300–1500, chapter 0, pages 201-274, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-34536-5_6
    DOI: 10.1007/978-3-030-34536-5_6
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