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‘The whole art of war is reduced to money’: remittances, short-term credit and financial intermediation in Anglo-Dutch military finance, 1688–1713
Financial History Review ( IF 0.4 ) Pub Date : 2018-04-10 , DOI: 10.1017/s0968565017000282
Pepijn Brandon

The literature on the financial revolution and the rise of the English fiscal-military state frequently gives the impression that a singular set of reforms emanating from the Glorious Revolution of 1688 changed the entire landscape of English army finances, allowing a fundamental shift from patchwork solutions based on short-term credit and managed through a system of wholesale venality to a solid system of long-term funded loans raised on an impersonal market. This article focuses on the crucial role that merchant networks and the personal connections of financial intermediaries continued to play in international troop payments arranged by the English state through the Dutch Republic. Even when the English or Dutch treasuries could find the necessary money to pay and provision the troops in time, getting the money to the military commanders in the field or to their distant suppliers often depended on long and complex credit lines. Short-term loans acquired in making military expenditure – consisting of unpaid bills to suppliers, payments advanced by officials and officers, and temporary loans contracted by financial intermediaries – as well as the widespread reliance on commercial credit in the form of bills of exchange as a way to transfer funds effectively formed the life thread of army finance. The ability to finance the military in times of exploding costs and permanent emergencies without defaulting rested not only on the capacity to draw on financial resources at home, but also on the strength of commercial and financial networks abroad. In doing so, closeness to the centres of emerging international financial capitalism seems to have been of greater importance than a specific set of institutional innovations.

中文翻译:

“整个战争艺术都化为金钱”:1688-1713 年英荷军事金融中的汇款、短期信贷和金融中介

关于金融革命和英国财政-军事国家崛起的文献经常给人的印象是,源自 1688 年光荣革命的一系列独特改革改变了英国军队财政的整个格局,从而从基于拼凑解决方案的根本转变短期信贷并通过批发受贿系统管理,以建立在非个人市场上筹集的长期融资贷款的稳固系统。本文重点关注商人网络和金融中介的个人关系在英国政府通过荷兰共和国安排的国际部队支付中继续发挥的关键作用。即使英国或荷兰的财政部能够及时找到必要的资金来支付和供应军队,向战场上的军事指挥官或其远方的供应商提供资金往往依赖于漫长而复杂的信贷额度。在军费开支中获得的短期贷款——包括未付给供应商的账单、官员和军官预付的款项以及金融中介签订的临时贷款——以及广泛依赖汇票形式的商业信贷作为资金转移方式有效地形成了军队财政的命脉。在成本爆炸和永久性紧急情况下不违约的情况下为军队提供资金的能力不仅取决于利用国内金融资源的能力,还取决于国外商业和金融网络的实力。在这样做,
更新日期:2018-04-10
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