HTST 338 Lecture Notes - Lecture 2: Flintlock Mechanism, Carronade, Revenue Commissioners
6 Oct 2016
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Document Summary
The formation of the fiscal military state: great britain in the eighteenth century. State that brings together financial support for the military. When britain really became capable of financing war was the 18th century (warfare state). The only war britain didn"t kick butt in was the american revolutionary war (outnumbered but bounced back) They came up with the finances to pay for war in a more efficient way then any other country. Montagu and paterson selling annuities to the rich, 8% interest kinda like a treasury. crown guarentees this, no risk to deposit this money. 1694 charter of the bank of england started. Depositing money in there to support britains war effort. So what you have now is parliament has to come up with the money to pay this interest. We now have a national debt and an annual budget to pay for that.
