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The Variety of Financial Innovations in European War Finance during the Thirty Years’ War (1618–1648)

In: Financial Innovation and Resilience

Author

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  • Larry Neal

    (University of Illinois)

Abstract

Financing the Thirty Years’ War (1618–1648) created new pressures on the traditional forms of war finance for governments throughout Europe, including the monetary reform of 1622 in Naples. Most European governments responded with innovations in public finance, some of which foreshadowed elements of modern financial systems. Nowhere, however, did they coalesce into a fully articulated and effective modern financial system at the time, although both Naples and Milan came close. Failures were especially clear in Austria, Spain and France, but even apparent successes in England and Holland led to three Anglo-Dutch Wars afterwards that stymied further progress by either government. Their failures demonstrate the difficulty of coordinating and maintaining the many components that comprise a modern financial system.

Suggested Citation

  • Larry Neal, 2018. "The Variety of Financial Innovations in European War Finance during the Thirty Years’ War (1618–1648)," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 127-145, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_6
    DOI: 10.1007/978-3-319-90248-7_6
    as

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