By D'Maris Coffman
This e-book bargains a wholesale reinterpretation of either the creation of excise taxation in nice Britain within the 1640s and the genesis of the monetary Revolution of the 1690s. by means of analysing hitherto unpublished manuscript and print resources, D'Maris Coffman resolves divergent debts of those constitutionally complex yet fiscally major new taxes. Parliament's luck at implementing on a deeply divided country an extra-legal species of oblique taxation, which hitherto have been a constitutional anathema and a political impossibility, is still probably the most notable positive factors of the interval. A clean examining of William Petty's Treatise on Taxes illustrates the improvement of an indigenous discourse in defence of the tax nation. via highlighting the significance of economic innovation through the Civil Wars and Interregnum for the improvement of the financial country in Britain, this research demanding situations 'stylised proof' concerning the monetary importance of 1688/89. the ultimate bankruptcy can provide new perception into why the eighteenth-century British public authorised either exceptional degrees of presidency borrowing and one of many heaviest tax burdens in Western Europe. Coffman unearths how a 'new monetary history,' rooted in heavily contextualised reports, can give a contribution to present debates approximately sustainable degrees of taxation and to primary questions of financial idea.
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Additional resources for Excise Taxation and the Origins of Public Debt
Many of the practices, which became standard later, were first introduced during this period. As the excise ordinances came to secure increasingly unmanageable levels of short-term public debt, parliamentary management of the excise began to break down. Chapter Three considers the administration of the excise from the Smithfield Riot to the establishment of the Commonwealth. There is a general consensus that the public debts incurred by the Long Parliament cast a long shadow over the financial stability of the Commonwealth and Protectorate regimes, thereby ensuring the retention of fiscal innovations like the excise and complicating factional rivalries in the city.
By reviving the Great Contract in 1641, Pym and Bedford were willing to cut a deal with Charles I to establish excise taxation in lieu of feudal tenures. In 1643 the members of the Long Parliament saw the excise as an expedient to support the war effort. Each time that Parliament continued the excises, they promised to abolish them after they were no longer needed. After the Restoration, commentators observed that the excise had become ‘too easy’ a tax, but that outcome was not inevitable. Instead the system of short-term government borrowing that developed around the excise, which mortgaged future revenues, made abolishing the excises increasingly difficult and catalysed the development of the excise establishment.
Much like their seventeenth-century descendents, fourteenth-century English observers believed that the population of the Netherlands had been ravaged by the heavy excises imposed to meet the demands of Burgundian war finance (Unwin, 1918, pp. 254–255). In a more immediate case, the Scots had experimented with ‘foreign excise’ duties (insofar as the 25 26 Excise Taxation and the Origins of Public Debt imposts were charged on the first buyer rather than importer) from the late sixteenth century.