ABSTRACT
This conclusion presents an overview of key concepts covered in the preceeding chapters of this book. The book constitutes an important contribution to the study of governments, debts and financial markets in Europe. It suggests the importance of drawing insights from historical cases and episodes that are often overlooked in general histories of the evolution of public credit in Europe. The chapter draws on remarks presented in the 2006 International Economic History Congress (IEHC) session. It discusses the difference in financial and political development between city-states and larger territorial states in Europe. While many scholars highlight the importance of technical innovation in the development of debt, the chapter focuses on the importance of creating a broad class of creditors within a state. Castile in the seventeenth century actually had a representative assembly, the Cortes, that played a prominent role with regard to taxation.
