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History of the English fiscal system
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History of the English fiscal system
The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods. Although periods of great upheaval occurred from the time of the Norman Conquest to the beginning of the 20th century, the line of connection is almost entirely unbroken. Perhaps, the most revolutionary changes occurred in the 17th century as a result of the Civil War and, later, the Glorious Revolution of 1688; though even then there was no real breach of continuity.
The primitive financial institutions of early England centred round the king's household. In other words, the royal preceded the national economy in importance. Revenue dues collected by the king's agents, rents, or rather returns of produce from land, and special levies for emergencies formed the main elements of the royal income which gradually acquired greater regularity and consistency. There is, however, little or no evidence of what modern governments recognise as financial organisation until the 11th century. The influence exercised from Normandy, which so powerfully affected the English rulers at this time, tended towards the creation of records of revenue claims as well as a central treasury.
Following the Glorious Revolution, control of finance passed more and more to Parliament, which together with the decline of the importance of land rents as a source of income from about the time of the Wars of the Roses led to different forms of taxation.
With the union of England and Normandy under William the Conqueror, the idea of settled administrative methods became fixed and of special importance in the financial sphere. The systematising spirit, so characteristic of both the Norman and Angevin kings, produced the Exchequer with its judicial and administrative sections and its elaborate forms of account and control.
But even before this, the Domesday Book had carefully recorded all sources of revenue. William I of England initiated a policy which was followed by his successors despite the serious difficulties during the anarchy that subsisted during Stephen's reign. Despite a few vestiges of Old English practices, the Exchequer was primarily a Norman institution.
The picture presented by the Dialogue of the Exchequer (c. 1176) is that of a comprehensive system which secured the receipt of royal income by providing a thorough audit of accounts. Thus the Exchequer sought to increase the crown's revenue..
The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods. Perhaps the most revolutionary changes occurred in the 17th century as a result of the Civil War and, later, the Glorious Revolution of 1688; though even then there was no real breach of continuity.
Although feudalism was, in one aspect, a powerful instrument for the division of political authority, the particular form in which the Conqueror introduced it to England nevertheless enabled the fiscal rights of the crown to be established more strictly than was possible under previous conditions. First, the actual property of the crown was better administered as each royal manor became subject to the new system of accounting. Secondly, the king's various claims or dues took on a more feudal character, thus receiving stricter legal definition and, thirdly, the higher judicial organisations assisted the expansion of court fees while, above all, the increased authority of the state made the receipts from trade more profitable.
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History of the English fiscal system
The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods. Although periods of great upheaval occurred from the time of the Norman Conquest to the beginning of the 20th century, the line of connection is almost entirely unbroken. Perhaps, the most revolutionary changes occurred in the 17th century as a result of the Civil War and, later, the Glorious Revolution of 1688; though even then there was no real breach of continuity.
The primitive financial institutions of early England centred round the king's household. In other words, the royal preceded the national economy in importance. Revenue dues collected by the king's agents, rents, or rather returns of produce from land, and special levies for emergencies formed the main elements of the royal income which gradually acquired greater regularity and consistency. There is, however, little or no evidence of what modern governments recognise as financial organisation until the 11th century. The influence exercised from Normandy, which so powerfully affected the English rulers at this time, tended towards the creation of records of revenue claims as well as a central treasury.
Following the Glorious Revolution, control of finance passed more and more to Parliament, which together with the decline of the importance of land rents as a source of income from about the time of the Wars of the Roses led to different forms of taxation.
With the union of England and Normandy under William the Conqueror, the idea of settled administrative methods became fixed and of special importance in the financial sphere. The systematising spirit, so characteristic of both the Norman and Angevin kings, produced the Exchequer with its judicial and administrative sections and its elaborate forms of account and control.
But even before this, the Domesday Book had carefully recorded all sources of revenue. William I of England initiated a policy which was followed by his successors despite the serious difficulties during the anarchy that subsisted during Stephen's reign. Despite a few vestiges of Old English practices, the Exchequer was primarily a Norman institution.
The picture presented by the Dialogue of the Exchequer (c. 1176) is that of a comprehensive system which secured the receipt of royal income by providing a thorough audit of accounts. Thus the Exchequer sought to increase the crown's revenue..
The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods. Perhaps the most revolutionary changes occurred in the 17th century as a result of the Civil War and, later, the Glorious Revolution of 1688; though even then there was no real breach of continuity.
Although feudalism was, in one aspect, a powerful instrument for the division of political authority, the particular form in which the Conqueror introduced it to England nevertheless enabled the fiscal rights of the crown to be established more strictly than was possible under previous conditions. First, the actual property of the crown was better administered as each royal manor became subject to the new system of accounting. Secondly, the king's various claims or dues took on a more feudal character, thus receiving stricter legal definition and, thirdly, the higher judicial organisations assisted the expansion of court fees while, above all, the increased authority of the state made the receipts from trade more profitable.