Roman Zaoral
Theoretical concepts
The study of public finances has received considerable attention during the last decade because of its key role in European state formation by serving as an instrument to extract the capital needed for the realization of political goals from the economic systems that formed the base of all public finances. In this respect, it is worth mentioning the book by David Stasavage (2011) who made a valuable contribution to the debate on the emergence of public credit as a decisive element in the state formation processes that took place in late medieval and early modern Europe. In his work, Stasavage emphasizes the importance of geographic scale of political units and the form of political representation within polities for the access to capital markets and thus the possibility to create funded public debt in order to finance the consolidation or expansion of their relative position within political networks and regions. According to him, the foundation of the public debt was provided by the fiscal revenues originating from direct or indirect taxation.
He argues that intensive forms of representative assemblies facilitated the emergence of such a system. Assemblies did this by both monitoring and modifying expenditures and by helping guard the interests of state creditors. The existence of these credit-friendly assemblies, in turn, was facilitated by two conditions: first, limited geographic size; and, second, the presence of a group of politically influential merchants. Both of these conditions were most common in western European city-states.
Wim Blockmans (1997) pointed out in this debate the importance of scale and timing with respect to local political representative structures. He showed that in the larger Flemish cities such as Ghent or Bruges, the participation of middle classes in town governments and thus control over public finances developed in an earlier stage (the 14th century), whereas these developments in less urbanized regions with smaller urban populations such as Holland and Guelders, which were part of the Holy Roman Empire at that time, did not occur until the 15th century. In this way, it can be stated that the position of urban elites influenced the management of urban finances at large, and urban fiscal systems in particular. The degree to which urban elites were able to monopolize urban government was also determining the room left for other intermediaries to have a say in the financial polities of a town and to function in the management of the fiscal systems that were the basis of most urban finances. The socio-political backgrounds and the interplay between the political elites, urban officials, and tax farmers are thus an important topic for knowledge of the intricate mechanisms which are at the crossing point of the economic, social, political, and financial developments in the late-medieval urban society.
In the 15th century, the importance of urban middle classes as tax-farmers started to grow; they increasingly gained influence on the financial and fiscal regime, both through political emancipation as well as by serving as financial officials. They also demanded more insight in the financial management, both of indirect taxation and the management of urban debt. They were given a central role in the financial reforms necessary to face the growing tension between economic stagnation and the financial demands. In this way, the impact of these socio-political changes on the management of the urban fiscal systems can be displayed.
The concept of a financial crisis has recently been addressed by what is now known as the ‘New fiscal history’. The emergence of public finance, fiscal systems, and the creation of public debt are at the heart of these discussions. In this sense, a financial crisis occurs when expenditure structurally outweighs the normal revenues from taxation and the ability to borrow money in order to meet current financial obligations (Bonney 1995, pp. 5–8). The 15th century is generally seen as a period of structural political and economic crisis (Van Uytven 1975; Šmahel 2002). This crisis also had consequences for urban public finance and its management. Each town within the Empire had to pay a fixed percentage of the total tax sum of central direct taxation through a system of repartition and so the increased tax burden had forced several towns to sell annuities on an unprecedented scale because these sums were paid directly through the urban finances (Blockmans 1999, pp. 287, 297–304). Thus, central direct taxation indirectly tapped into the financial resources of the towns which, in turn, led to an ever growing pressure on the urban finances causing an increase of urban indirect taxation to cover the funded debt caused by these annuity sales.
Financial crises and social conflicts directed the aim of restructuring power of the old ruling elites and finally were centred round the wish for a more efficient management of urban financial resources and more intensive control rights for those urban social groups that provided the capital for the realization and protection of ‘common’ urban interests.
But what was the situation in Central Europe? Why the conditions for credit use were not so favourable here like in the West? A passive trade balance within the triangle between North Italy, Flanders, and Central Europe following from the uneven position in West–East trade relationships and a lack of sea are generally considered a reason why this region was behind. The research shows that besides common features, which became evident with delay in the eastern parts of the Empire, there were also differences: while in the West, the tax basis was rather created by indirect taxes, in the East direct taxes prevailed. While in the West trade activities played an important role, rich burghers in the East instead invested in land estates. In the West, the growing incomes of cities led to the establishment of separate cashes, while in the East, a single-entry accounting prevailed (Zaoral 2014, pp. 281–89).
The aim of this book is to show to what extent is the above mentioned concept of credit reflected by historians dealing with the history of Central European countries, the territory covering the eastern part of the Holy Roman Empire (Austria, Bohemia, Moravia, Silesia), Poland, and Hungary. This region is, among others, characterized by smaller political stability. It is necessary to emphasize at the outset that the medieval lands of these states were not identical with their modern counterparts; the territories of medieval Poland and Hungary, especially, differed drastically from their modern equivalents.
The views of the position of this region within the European economic system oscillate between periphery and semi-periphery. As the region characterized by exporting all or mostly raw materials and importing all or mainly finished goods, Central Europe is usually ranked to periphery (Wallerstein 1976, pp. 229–30). A slightly different view has been formulated by N. J. G. Pounds who divides late medieval Europe into developed, developing, and backward areas using five criteria – reliability of political structure, trade, urban areas density, population growth, and agrarian improvements. In this sense, he puts Bohemia, western Poland, and western Hungary among developing areas, together with eastern Germany, the shores of Scandinavia, the Scottish lowlands, Spain, and southern Italy (Pounds 1978, p. 102, 112). An indicator of the social and economic wealth of the European regions is for him the evaluation of the dioceses for taxation by the Holy See. This shows that France and Italy were taxed much more heavily than for instance Germany and that Germany was taxed heavier than Poland, for instance (Hroch & Klusáková 1996, p. 39).
Central Europe served primarily as a market for the craft products of West European origin and also as a region providing precious metals for the European financial system. It is well documented that precious metal production expanded significantly in the 14th century, especially in Bohemia and Hungary. The growing yields of silver and gold contributed to an increase in purchasing power and thus created better opportunities for the development of long-distance trade and the use of credit. Although a lot has been done, the specific research issues of Central Europe are still not fully integrated into the general European historiographic tradition, and it is no doubt that the particular role of Central Europe in the wider European economy needs to be revisited.
The presented historiographic overview is primarily intended for scholars who come from a different region and cannot use the local languages. That is why main attention is paid to the works of Polish, Czech, Slovak, and Hungarian historians. The works of German-language authors, which often represent a key basis for study of the history of Central Europe, are for these reasons mentioned only marginally. At the same time, it is necessary to call attention to the fact that most works in this field concern the early modern period, which corresponds to the number of extant historical sources in the Central European archives, among which medieval accounts or ledgers are rather rare.
Areas of research
A true breakthrough in Polish economic historiography was the work of Witold Kula An Economic Theory of the Feudal System: Towards a Model of the Polish Economy, 1500–1800 (Kula 1962, in English 1976) which drew inspiration from the Annales School. It is an idiosyncratic synthesis of serial history and Marxist theory enriched by Kula with his own perspective on the behaviour of economic participants. Kula examined structural changes and fluctuations within the boom-bust cycle in combination with emphasis on the contradictions of feudal system. He pointed to different starting institutional and social conditions of feudalism as against capitalism (the absence of free market and competition, the existence of non-market phenomena like serfdom and guilds), which forced economic participants to markedly different behaviour from that based on profit maximization and cost minimization. The peasant has used the market in fact only because he received money for amortization of his obligations towards manorial lords. His ‘income’ therefore did not preferentially depend on market conditions but on crop conditions. That is the reason for the specific logic of behaviour that reacts to price fluctuations in the market in a manner completely contrary to that which modern economics would assume: the peasant sells less during price growth and sells more during price decline. So the key factor in the peasant’s decision is not the situation of the market itself but the necessity to provide sufficient cash for repayment of his obligations. Likewise, the economic behaviour of manorial lords did not follow the market but rather the maintenance of their own standard of living and social status (the ‘negative market stimulation’). While a period of price growth in capitalism stimulates economic activities and mobilizes reserves, in feudalism it is, on the contrary, the decline of ‘national income’, mostly caused by non-economic factors (poor harvest, war) which functions as needed stimulation of economic activity.
Within the dynamic of the long-term (longue durée), Kula pointed out tendencies in the Polish economy which differ from the countries of early modern Europe. First of all, it is noteworthy that the improving conditions for foreign trade (particularly for corn export) did not affect the total structure of production and consumption in any clear way, no matter how they managed to generate considerable profits for manorial lords. The reason was the general orientation of the Polish aristocratic dominion, which was not focused outwardly on foreign markets but inwardly on the peasant, his unpaid work and the surplus from which it benefited. Moreover, this tendency to form isolated and autarchic dominions was accompanied by a specific economic strategy of owners which was supposed to provide that not only potential expenses but also peasant’s potential monetary surpluses got back into the treasury of manorial lords. This way a specific form of closed monetary circle formed which Kula suitably describes as the economic perpetuum mobile.
Besides Kula’s monograph on the feudal economic model, the theoretical works of Polish historians examined the roots of the economic growth of East-Central Europe during the late Middle Ages (Małowist 1973a) and the origins of capitalism in Europe (Topolski 1965). Likewise, Małowist made an attempt to compare the social-economic structures between East and West in the 13th–16th centuries, placing emphasis on uneven economic development in the different regions of Europe (Małowist 1973b, in English 2010a, 2010b), he dealt with merchant credit (Małowist 1981) and with the circulation of capital in East-Central Europe (Małowist 1985). The role of money in Poland has been studied by Mączak (1976) and Żabiński (1981) who presented a synthesis of the accounting and monetary systems with an economic analysis of the changes they underwent.
The link between economy and reformation was recently studied by Guzowski and Liedke (Guzowski 2010; Liedke& Guzowski 2017) who follow the older works of Bogucka (1972) and Lesiński (1976). The fiscal system in late medieval and early modern Poland was a subject of interest of several Polish historians (Brzeczkowski 1981; Horn 1985, 1986; Sepiał 1998; Filipczak-Kocur 1999; Guzowski 2006; Mikulski 2008). Different strategies of fighting financial crisis in Poland have been recently analysed by Boroda and Guzowski in their common work (2016).
Following the fundamental monograph of Gilomen (1984), Polish historians paid intensive attention to rents, annuity sales, and credit in the towns of the southern Baltic coast: Gdańsk (Samsonowicz 1961, 1964, 1969; Bogucka 1972; Możejko 2004; Grulkowski 2009; Orłowska 2020), Elbląg (Czaja 1987; Girsztowt 2013), Toruń (Czaja 1988; Mycio 1999), comparative study for Greifswald, Gdańsk, Elbląg, Toruń, Rewel (Kardasz 2013), as well as in Prussia (Janosz-Biskupowa 1958; Samsonowicz 1960; Dygo 1988, 2003), in Warsaw (Łozowski 2016) and Sieradz (Łydkowska-Sowina 1989) and in Silesian Wrocław (Goliński 2006) and Świdnica (Goliński 2003). Besides that, Samsonowicz (1991, 1994) is the author of generally designed studies about the role of credit in the economic life of medieval Poland; Myśliwski (2008) dealt with the changeover to a tax system. From the comparison of these works, it is evident how much the developed Baltic region differed from the Polish inland lagging behind.
Capital importance for consideration of the various forms of credit in Central Europe have, among others, the works of Markus Denzel, focused on payment operations (Denzel 1994) and the system of cashless payment in Europe, including East European peripheries (Denzel 2008), two volumes Kredit im spätmittelalterlichen und frühneuzeitlichen Europa and Von Aktie bis Zoll edited by Michael North (1991, 1995), as well as the Banchi pubblici, banchi privati e monti di pietà nell´ Europa preindustriale (Banchi 1991) with several contributions relating to the Holy Roman Empire. Just the study of credit became an exemplary theme of the economic anthropology, the intension of which is to clarify the cultural importance of economic practices (Muldrew 1998).
The management of merchant books and registers have been thoroughly analysed in the collection Kaufmannsbücher und Handelspraktiken vom Spätmittelalter bis zum beginnenden 20. Jahrhundert (Denzel, Hocquet & Witthöft 2002) in which Denzel presents trade practices of the Fugger family within the network connecting, among others, Naples with Cracow, Amsterdam with Wrocław and Augsburg with Buda. Central European trade centres and their ties to the West and South are captured in the Netzwerke im europäischen Handel des Mittelalters (Fouquet & Gilomen 2010). From the Central European perspective, numerous works of Wolfgang von Stromer on finance still keep special importance (Stromer 1970, 1976, 1982). The role of Italian merchants in Central Europe was thoroughly analysed by Weissen (2001, 2003, 2006).
In Czech historiography, theoretical and legislative fundamentals for the study of credit relations have been elaborated by Urfus (1959, 1975) who focused on the types of credit practices, usury and the changing amounts of interest. Buňatová (2018) and Vorel (2009, 2014) paid attention to the problems of financial and commodity credit, money changing and the trade practice of early modern merchants, presenting them in the broader European context. Besides that, Buňatová (2010, 2011a, 2011b, 2016) wrote extensively about the trade and financial activities of Prague Jews. The Jewish credit in Moravia was studied by Blechová (2015) and Zaoral (2015). Jaroslav Mezník paid special attention to annuity owners in Prague (1972) and in Brno (1960). He is also the author of important studies on the economic character of Prague (1969, 1990) and on money circulation in the Czech lands (1993, 1994). The role of credit in Moravian towns Brno and Olomouc has been presented by Zaoral (2014). The financial economy of the towns České Budějovice and Brno is a subject of the studies by Čechura (1993, 1998), who also examined the financial administration of monasteries (Čechura 1994) and of the royal court (Čechura 2012).
Accounting management and accounting systems used in the Czech lands are a subject of research carried out systematically by Pavla Slavíčková (2014, 2017, see also Slavíčková & Puchinger 2016). Various aspects of financing and credit granting in different social milieus (medieval court funding, town accounts, ledgers and customs registers, cathedral and metropolitan chapter accounts) were dealt in the collective monograph Money and Finance in Central Europe during the Later Middle Ages (Zaoral 2016). A special volume was devoted to financial conditions in Moravia between the 1350s and the early 17th century (Borovský, Chocholáč & Pumpr 2007).
Credit in the aristocratic entrepreneurship has been examined by Ledvinka (1985), Bůžek (1989), and Sterneck (2004). Vorel (1998) investigated the role of credit in the financial transactions of Bohemian and Moravian nobility during the journeys abroad. In his later studies, Vorel documented that pressure put on the systemic reduction of the interest rate cannot be fully explained by the influence of German reformation. He argues that it was a more general problem, related to the credit policy of European powers and interwoven with the international banking market (Vorel 2002, 2006). With the creditors of George of Poděbrady, King of Bohemia, dealt Boublík (2007, 2011). Special attention was also paid to the financing of wars against the Hussites (Polívka 1993, 2004). The financial issues of the Prague metropolitan chapter were thoroughly studied by Maříková (2018). Analysing account registers from 1358–1418, Maříková proved that the volume of loans was in comparison with other incomes of the chapter fully negligible.
The first attempts to look into the financial management of subjects appeared in Czech historiography in connection with the study of prices and wages in the 1960s. The widely designed research of the experts from Prague and Brno brought a number of stimulating ideas but the more detailed research of this question was not realized at that time. Besides the classic book published by Procházka (1963), based on the study of land registers and dealing with subject finance in the context of holding tenant farms and the legal status of subjects in property matters, one of the most important contributions represents a study written by Mainušová (1965). Another important work with the analysis of money and corn debts at the Roudnice manor in the 18th century has been published by Křivka (1986). Research of the property and financial aspects of tenant farms in the 16th and 17th centuries continued then in the works of Chocholáč (1989, 1990, 1999, 2001), Holakovský (1993) and Odehnal (2000, 2011, 2013).
In Hungarian historiography a heated response was provoked by a paper of Oszkar Paulinyi published in 1972. Its controversial subtitle Gazdag föld – szegény ország (Rich Land – Poor Country) constantly recurs in debates on this subject and became the title for a collection of Paulinyi´s studies on mining history (Paulinyi 2005). Paulinyi drew on the most-cited source of medieval Hungarian foreign trade, the 1457–58 Pressburg thirtieth register, to determine that Hungarian foreign trade ran a deep deficit which could only be settled by the trade in money stemming from precious metal mining and minting the gold florin. His thesis inspired many other Hungarian historians, notably Mályusz in his work about the export of Hungarian livestock to Bavaria (1986) and Kubinyi in the broader designed study (1992).
A milstone in the recent research represents the collective monograph The Economy of Medieval Hungary (Laszlovsky et al. 2018), which covers various aspects of economic life, including financial administration, urban and ecclesiastic economy and foreign business interests in late medieval Hungary.
Detailed attention to the system of financial and tax administration in Hungary under Matthias Corvinus and the Jagellonians was paid by Kubinyi (1958, 2001). Recently, two scholars from Hungary (Neumann 2019) and the Czech Republic (Kozák 2019) analysed the register of incomes and expenses of the Buda court of Vladislaus Jagiellon dated back to 1494–95 and made its modern critical edition. Public finances, taxes, king´s revenues as well as loans to the king were studied by numerous Hungarian historians: Mályusz (1965), Hermann (1975), Fügedi (1980, 1982), Bak (1987), Engel (1994), Draskóczy (2001, 2014), Kenyeres (2012) and Tóth (2016, 2018).
With the use of the 1427 Catasto, the credit activities of Italian bankers in Hungary were researched by Teke (1984) and Arany (2007, 2014). Numerous studies on this topic come also from Prajda (2013, 2017). The financial administration of Hungarian mining towns was researched by Weisz (2017), as well as by Slovak historians (Štefánik 2013; Dvořáková 2016).
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