Financing the Commune
The connection between public spending and the ambitions of urban elites is a common topic in the historiography of the late Middle Ages. However, it is still unclear how city finances and private capital interacted before the use of sophisticated financial systems of the late 13th to early 14th cen...
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| Format: | Article |
| Language: | deu |
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De Gruyter
2025-05-01
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| Series: | Jahrbuch für Wirtschaftsgeschichte |
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| Online Access: | https://doi.org/10.1515/jbwg-2025-0006 |
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| author | Severgnini Carlo Ludovico |
| author_facet | Severgnini Carlo Ludovico |
| author_sort | Severgnini Carlo Ludovico |
| collection | DOAJ |
| description | The connection between public spending and the ambitions of urban elites is a common topic in the historiography of the late Middle Ages. However, it is still unclear how city finances and private capital interacted before the use of sophisticated financial systems of the late 13th to early 14th centuries. The case study of Siena provides an analysis of many different archival sources that date back to the first half of the 13th century. Data show a cycle starting with deficit spending by the city to support the war effort. The deficit was financed by the municipality with large-scale borrowing from wealthy citizens, later repaid with revenues from direct taxes. For the lenders, this was a very low-risk investment that yielded medium-low returns. However, loans to the city were more a political tool to secure a position of power, rather than just an economic opportunity. |
| format | Article |
| id | doaj-art-0f3c2dc71b094428a38ed774bbbdf8ec |
| institution | OA Journals |
| issn | 0075-2800 2196-6842 |
| language | deu |
| publishDate | 2025-05-01 |
| publisher | De Gruyter |
| record_format | Article |
| series | Jahrbuch für Wirtschaftsgeschichte |
| spelling | doaj-art-0f3c2dc71b094428a38ed774bbbdf8ec2025-08-20T01:54:18ZdeuDe GruyterJahrbuch für Wirtschaftsgeschichte0075-28002196-68422025-05-0166113115510.1515/jbwg-2025-0006Financing the CommuneSevergnini Carlo Ludovico0Dipartimento di Storia Culture Civiltà, University of Bologna, Piazza San Giovanni in Monte, 2, 40121BolognaItalyThe connection between public spending and the ambitions of urban elites is a common topic in the historiography of the late Middle Ages. However, it is still unclear how city finances and private capital interacted before the use of sophisticated financial systems of the late 13th to early 14th centuries. The case study of Siena provides an analysis of many different archival sources that date back to the first half of the 13th century. Data show a cycle starting with deficit spending by the city to support the war effort. The deficit was financed by the municipality with large-scale borrowing from wealthy citizens, later repaid with revenues from direct taxes. For the lenders, this was a very low-risk investment that yielded medium-low returns. However, loans to the city were more a political tool to secure a position of power, rather than just an economic opportunity.https://doi.org/10.1515/jbwg-2025-0006italy13th centurysienacity-statepublic financeitalien13. jahrhundertsienastadtrepubliköffentliche finanzenn 23n 43n 93 |
| spellingShingle | Severgnini Carlo Ludovico Financing the Commune Jahrbuch für Wirtschaftsgeschichte italy 13th century siena city-state public finance italien 13. jahrhundert siena stadtrepublik öffentliche finanzen n 23 n 43 n 93 |
| title | Financing the Commune |
| title_full | Financing the Commune |
| title_fullStr | Financing the Commune |
| title_full_unstemmed | Financing the Commune |
| title_short | Financing the Commune |
| title_sort | financing the commune |
| topic | italy 13th century siena city-state public finance italien 13. jahrhundert siena stadtrepublik öffentliche finanzen n 23 n 43 n 93 |
| url | https://doi.org/10.1515/jbwg-2025-0006 |
| work_keys_str_mv | AT severgninicarloludovico financingthecommune |