Abstract
Public finance in the Low Countries, which played a central role in global financial innovation, evolved from the constant interactions between the cities and successive rulers that accompanied war and trade. Once the Dutch Revolt had split the Habsburg Low Countries into two, the Dutch Republic in the north adopted a high degree of fiscal centralization, which, boosted by economic growth, enabled the country to create high levels of tax revenue and public debt. In the southern Netherlands, however, the cities retained fiscal controls, and combined with sluggish growth, this kept tax revenue and debt low.
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