By Michael D. Bordo, Roberto Cortés-Conde

This booklet is a set of articles by way of eminent fiscal historians from 5 ecu colonial powers and from six New international nations. The articles concentrate on the legacy of the previous global financial associations (taxes and bills) and fiscal associations (currency and banking) for the hot international from the 17th to the 19th century. Did the good fortune or failure of the recent World's associations within the self reliant nations mirror the principles and the failings of the previous colonial masters or model to the hot atmosphere?

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Extra info for Transferring Wealth and Power from the Old to the New World: Monetary and Fiscal Institutions in the 17th through the 19th Centuries (Studies in Macroeconomic History)

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7 how these British institutions found themselves adopted in many other countries. 2 A FRAMEWORK What follows here is a brief summary of the North thesis insofar as it relates to England, and an indication of the implications of this thesis for the emergence of fiscal and monetary institutions. For our purposes here, the North agenda can be abbreviated as follows. The optimizing assumption of the neoclassical model is a powerful one, but it depends upon perfectly operating markets. The key part of it is that it assumes an incentive structure that allows individuals to capture returns, and it is one where private and social costs are equated.

Source: Mitchell (1988) and O’Brien. eighteenth centuries) with property and income taxes in the nineteenth and twentieth centuries. At the beginning of the period that concerns us, revenue came from three main sources: customs, excise, and land. In addition, post office and stamp duties always provided significant amounts. , of the order of 10 percent of national income if we use Colquhoun’s figures). Total expenditure, which was of course similar, rose from about £5 m at the beginning of our period to about £20 m at the end.

Evidence is not 46 Capie easy to assemble, but it is clear that the practice, albeit in nascent form, was developing in the course of the seventeenth century. Sir Robert Clayton, whose origins were with the scriveners, was one of the first such bankers, holding deposits of almost £2 m in the mid-1660s. At that time, goldsmith bankers were also making loans with their clients’ money. This then is where the origins of the London private banks lie, and a key question is, what was it that prompted them to begin behaving as they did?

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