Capital market and interest rates in medieval Holland (12th-16th centuries)

Major paper ESTER research design course 7-11 November 2002

Capital market and interest rates in medieval Holland (12th-16th centuries)

Jaco Zuijderduijn Onderzoekinstituut voor Geschiedenis en Cultuur University of Utrecht [email protected]

During the Late Middle Ages the county of Holland (comprising the present-day provinces of North- and SouthHolland) experienced an enormous growth. Holland’s rapid development seems to have come out of nowhere: until well into the thirteenth century Holland was an agrarian country with hardly any towns, no export industries and no trade or commerce with the German Hanse towns, England or France. According to H.P.H. Jansen, Holland back then was situated in extrema margine mundi, at the outskirts of the world.1 By the end of the fifteenth century the situation had changed radically: Holland back then had transformed into an urban, commercial and industrial society. It had also aquired a dominant position in the foreign trade and commerce of the Netherlands. Furthermore, the countryside was rather modern with relatively much wagework and almost all countryside-activities were aimed at the market.2 By 1500 Holland was no longer a periphere and retarded area and its economic development is particulary interesting because it mainly took place during the second half of the fourteenth century. This period is marked elsewhere in Europe by economic decline (because of the depopulation caused by the Black Death), but apparently the plague could not halt Holland’s enormous development.3 In the end, in the seventeenth century the same once swampish and desolate county experienced its well-known Golden Age. By then the county of Holland had economically surpassed other counties and duchies that were a part of the Dutch Republic, such as Zeeland, Northern-Brabant and Guelders. Holland was by far the main province of the Dutch Republic, it accounted for over half of the taxes and was therefore the leading political force.4 This Golden Age was for a large part Holland’s Golden Age, a period of before unseen flourishing of commerce, military power and culture. During the Golden Age interest rates offered at the Amsterdam capital market were among the lowest in all of Europe. This is all the more remarkable considering the enormous pressure Amsterdam’s capital market experienced: it provided not only Holland’s investors5 with money, but also foreign investors and even some European monarchs. Such an enormous demand for capital should have caused interest rates to rise. But in fact interest rates paid in Amsterdam were very low.6 Regions with favourable conditions (politically stable and with a low demand for capital), such as the Swiss Confederation and Central Europe, did not experience such low levels of interest.7 Along with Amsterdam Holland’s other cities probably had the same low interest-rates, which makes for a province that favoured investment and therefore economic growth. Holland’s rapid transition from a backward area to a maritime, military and economic world-power is the main theme of the project Power, markets and economic development: the rise, organisation and institutional framework of markets in Holland, 11th – 16th centuries. My dissertation is a part of this project. I will deal with Holland’s capital market during the Late Middle Ages (12th-16th century). My colleague Monika Saelemakers studies the market for goods in medieval Holland, while dr. Bas van Bavel addresses the market for land. The development of medieval Holland’s three main markets is thus under investigation, and in the end we hope to present some answers regarding Holland’s remarkable rise to become a world-power. 1.

Central research question and hypothesis

To take a close look at the development of Holland’s capital market requires a certain hypothesis, of course. A historian taking on this subject lacking a sound research plan would undoubtedly drown in the enormous amount of sources concerning the various parties on the capital market (such as the count of Holland, the Council of Holland, the estates, cities, religious institutions, village governments, district water boards, private persons etc.). 1

H.P.H. Jansen, ‘Holland’s advance’ in Acta historiae Neerlandicae. Studies on the history of the Netherlands X (1978) 1-20: 2, 4. 2 Ibidem, 16; J.L. van Zanden, ‘Op zoek naar de missing link: hypothesen over de opkomst van Holland in de late Middeleeuwen en de vroegmoderne tijd’ in Tijdschrift voor Sociale Geschiedenis 14 (1988) 359-386: 360. The most recent survey concerning Holland’s development during the late middle ages is P.C.M. Hoppenbrouwers, ‘Van waterland tot stedenland. De Hollandse economie ca. 975- ca. 1570’ in De geschiedenis van Holland, deel I, tot 1572 (Hilversum 2002), 103-148. 3 Jansen, ‘Holland’s advance’, 17. 4 Ibidem, 15. During the days of the Dutch Republic Holland accounted for 57 per cent of the generalities’ budget. 5 The Hollanders were very eager to invest in all sorts of ventures, such as land-reclamations and the East and West India Companies. 6 V. Barbour, Het amsterdamse kapitalisme in de 17e eeuw (Amsterdam 1965) 56-71. 7 M. Körner, ‘Public credit’, in R. Bonney (ed.), Economic Systems and State Finance (Oxford 1995) 507-538, 519-520, 528, 532. Classical economy does not seem to be able to account for these low levels of interest rate on a market under high pressure. Below I explain why an institutional approach seems to be a better way to make sense of Amsterdams capital market and Holland’s economic development . 2

I have chosen the theory of the New Institutional Economy (NIE) as basic assumption. This theory focuses on the market-structure. Until recently the market has been considered too much a neutral element. It is now becoming clearer that it was the specific character and institutional arrangement of the markets that determined to a large extent the effects on the economy and the further development of trade. An institutional approach to economic development can contribute to resolving why geographic differences in the development of trade and markets within Western Europe were that strong and why the market had such a divergent effect on the development of economies. According to this theory economic growth is largely determined by the institutional framework embracing the market. Holland’s capital market seems to have profited a great deal from the ever expanding laws concerning moneylending imposed by legislative institutions. The NIE sees the market-structure as the chief determinant considering the risks, possibilities and costs of market-activity. Therefore, the market-structure determines to what degree a market can develop. Market-structures are made up of institutions. Such institutions are the enforceability of contracts, the cost of contracting, the way market-activity is supervised, the existance and supervision of standard sizes and the existence of clear property rights. They determine the security of transactions, the way information can be obtained, the cost of measuring and the trouble it takes to negotiate and exchange. As the number of institutions grows, the legal status of the different parties on the capital market improves, and accordingly the price of capital will drop. This last step (the dropping of the price) follows the improving solvency debtors experience as soon as the market-structures improve. For instance, the creditor can accordingly be more sure to receive the lent money back in the course of time if he has ample means to enforce the payment of interest. In NIE terminology institutions lower the transaction-costs. Transaction-costs and production-costs determine the cost of economic activity. To put it another way: they determine whether or not a transaction is profitable and wether or not trade, specialisation, production and exchange will occur.8 The growth of marketactivity therefore should have coincided with the building up of market-institutions. The correlation of the growth of financial institutions and capital market-activity is the central hypothesis of my dissertation. The institutional approach the NIE favours seems to go against the classical economic theory based on supply and demand. The NIE sees institutions as the main force behind economic development, while the classical economic theory explains growth in terms of supply and demand. Although I have made the institutional approach the central hypothesis of my dissertation, I am not going to disregard the influence of supply and demand. The institutional approach will serve as a main guide, but whenever it is necessary, I will use the classical economic theory to make sense of the sources. Furthermore, because historians have already been explaining historical developments using the classical economic theory for ages, the New Institutional Economy offers a new insight. This new insight will direct me to other sources than the classical theory would, and could therefore give my research a sharper edge. Sub-hypotheses Which subhypotheses can be derived from the main hypothesis (the correlation of the growth of financial institutions and capital market-activity)? As a first sub-hypothesis, I would like to state that institutional improvement did already take place during the Middle Ages. To prove this, it is necessary to research who the main initiators were. The legislative forces that come to mind are the counts of Holland, the States of Holland, the church, the city-governments and countryside-legislators. Since city-governments and countryside legislators also make up a great deal of the second sub-hypothesis, these two categories will be addressed further below. The counts of Holland probably had a huge influence on the capital market as a whole. They were always in demand of money and were able to manage the market by force or by legislation. The counts were important debtors as well as the most important legislative force concerning the capital market, and this makes for a remarkable position. Abusing this position could damage the counts solvency in the long run. According to D.C. North and B. Weingast economic growth requires institutions that disable the authorities power to intervene in the economy.9 To what extent did the counts of Holland abuse their position to manipulate the capital market at will? They could place themselves above the law, but could also, to use the term of North and Weingast, manage to avoid the problem concerning the long arm of the future? If so, in what exact way did the counts of

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D.C. North, ‘Institutions, transaction costs, and the rise of merchant empires’ in J.D. Tracy (ed.) The political economy of merchant empires (Cambridge 1991), 22-40: 24. 9 D.C. North & B. Weingast, ‘Constitutions and commitment: the evolution of institutions governing public choise in seventeenth-century England’ in The Journal of Economic History 49 (1989) 803-832: 803-804. 3

Holland make a credible commitment to their obligations?10 I assume the counts did make a credible commitment and aided the development of the capital market as a whole by improving the institutions. The role of the States of Holland has already been addressed by James Tracy. He studied the way the States brought about (what he calls) a financial revolution between 1515 and 1565. Before 1515 the central government most of the time dealt with financial problems by lending money from professional creditors. The States of Holland found another, more profitable way, and issued annuities with anticipated revenues as a pledge. To be more precise, the future revenues to be brought in by the noblemen, cities and rural communities, who were obliged to pay annual taxes, were used as guarantees. According to Tracy, the issue of annuities of 1515 was the first instance of a new type of common-land credit (i.e. credit pledged by the future tax-payment of the common land). However, Tracy’s ‘revolution’ does not seem to be in accordance with the NIE, because the latter emphasises the steady build-up of institutions with a start that would probably have to be pinpointed centuries earlier. The Estates of Holland did already have political power in the fourteenth century11, and it would not be the least bit surprising to find out they already provided the count with pledges well before 1515. One of the main objections to be brought in against Tracy’s work is the fact he seems to have over-exposed the last part of the development (his ‘financial revolution’) and disregarded its whole genesis (earlier developments considering Hollands capital market). The counts of Holland already sold annuities pledged by future revenues at the beginning of the fifteenth century, and this method does not seem to differ a great deal from that of the States in the sixteenth century.12 Furthermore, during the last decades it has become clear that Holland’s remarkable growth did not start in the sixteenth or seventeenth century, but much earlier. Nowadays the period 1350-1400 is generally regarded as the period of Holland’s ‘take-off’.13 It is to be expected the capital market was an essential element in this ‘take-off’, and that it must already have been relatively modern by 1400. Tracy does not take the period prior to 1515 into account, and thus misses out on any earlier improvements. Along the line of the first sub-hypothesis it could thus be stated that Tracy’s revolution probably was in fact an evolution: the counts and the States were improving their position on the capital market well before the sixteenth century, and even in ways resembling common-land credit. Since religious dogma prohibited the receiving of interest, canon law did determine the shape of the capital market to a large degree. The ban on interest brought about the system of life-annuities.14 These were supposed to be in accordance with the papal decree. The bishop of Utrecht had religious authority over Holland. He could issue canon law, which influenced the capital market directly (e.g. by forbidding religious institutions to participate in money-lending) and indirectly (e.g. when priests told their parish not to get involved in moneylending). Broadly outlined the bishop of Utrecht seems to have curbed the development of Holland’s capital market. Nevertheless the capital market seems to have improved dramatically. Perhaps canon resistance towards money-lending in Holland was not that strong? A comparison with canon law in other regions could shed some light on the proposed relative weakness of canon law in Holland. As a second sub-hypothesis I would like to state that the degree of institutional development is reflected in the interest rate: poor institutions lead to high interest rates, good institutions to low interest rates. As has been explained above the interest rate is closely linked with the quality of institutions. If institutions are indeed the chief determinants for economic development, it should therefore be possible to account for spatial differences in economic development. Whenever institutional frames differed, the economic development (reflected in the interest rate) should have differed accordingly. This sub-question reflects the main thesis the NIE makes: that institutions are the chief determinants for economic development. How can this sub-hypothesis be tested? First of all, it is possible to compare the 10

The long arm of the future is a term used to illustrate the long-term disadvantages to be suffered when interest payments are not lived up to. An absolut ruler could for instance be tempted to discard his debts, but this would damage his solvency for years to come. On the other hand, by observing interest payments and even engaging to the proper instalment (so-called credible commitment) solvency would improve (North & Weingast, ‘Constitutions and commitment’, 807). 11 Jansen, ‘Holland’s advance’, 14; H. Kokken, Steden en Staten. Dagvaarten van steden en Staten van Holland onder Maria van Bourgondië en het eerste regentschap van Maximiliaan van Oostenrijk (1477-1494) (The Hague 1991) 20-32. 12 The problem regarding the genesis of Tracy’s ‘revolution’ has already been briefly addressed by J.A.M.Y. Bos-Rops. She posed the question wether or not it would be more accurate to speak of an ‘evolution’ (J.A.M.Y. Bos-Rops, Graven op zoek naar geld. De inkomsten van de graven van Holland en Zeeland 1389-1433 (Hilversum 1993), 128-129). 13 Jansen, ‘Holland’s advance’, 10; Van Zanden, ‘Op zoek naar de missing link’, 360. 14 A life-annuity was a contract between two parties. The debtor sold the creditor the right to receive an annual payment for the rest of his or her life. The creditor only received annual payments: in the end the principal sum was not restored. This last measure secured that life-annuities were even tolerated by canon law. 4

institutional framework of Holland’s cities and the interest rates cities paid when they attracted capital. Holland’s cities enjoyed a certain degree of legislative powers: they had the right to impose by-laws. These by-laws can be seen as the cities prime means to regulate market-activity. For most cities medieval by-laws have been preserved, making it possible to compare the institutional frameworks of the different cities. As I have stated above, the institutional framework is supposed to have had a profound effect on the solvency, and it is therefore to be expected differences in the by-laws affected the interest rate. As a result a city with a sound institutional framework protecting the creditors and making capital market-activity relatively cheap should have been able to attract capital against a relatively low interest rate. Of course the same goes for its citizens. Because Holland’s cities offer abundant sources and can be compared among each other, one of the main predictions the NIE-theory has to offer –good institutions lower transaction costs- can accordingly be tested. It is also possible to compare rural regions. In 1514 the central government held an inquiry among all cities and villages of Holland.15 The investigators asked city- and village-representatives specifically about annuities. This 1514 Informatie upt stuck der verpondinghe therefore is a valuable source for the study of the financial state of medieval Holland’s rural communities. Rural Holland was divided into territorial jurisdictions called bailiwicks, supervised by a bailiff. The bailiwicks each had a distinct institutional framework, put in writing in the regional by-laws. Unfortunately most of these regional by-laws have been written down relatively late and even when medieval by-laws are available a large body of common law seem to have co-existed. It is impossible to visualise medieval common law, which makes rural Holland a very tough sector to study. Still, I believe it is possible to explain differences in institutional framework using regional by-laws. Because these bylaws provided the various regions with somewhat more theoretical laws (for instance law of inheritance, the right of appeal and laws concerning contracts) it seems the most essential institutions were in fact written down. Common law on the other hand seems to have been more concerned with agricultural regulations, such as rights to use common fields.The regional by-laws should be seen as some sort of legal framework in which room was left for common law. The most essential laws, concerning the way ownership was protected and the observance of contracts could be enforced, therefore seem to have come down.16 Using these regional by-laws, the correlation between the rural institutional framework and interest rates can be tested. I intend to gather interest rates in an attempt to outline the general development of interest rates in medieval Holland and to be able to test my second subhypothesis. Up until now historians comparing medieval and Early Modern interest rates of European countries and regions have been using very poor material concerning Holland. It must be possible to provide for a balanced databank taking into account interest rates of all of Holland’s regions for the fourteenth to sixteenth century.17 Interest rates are somewhat problematic. It is obvious that a number of factors sort an effect on the interest rate, such as the ratio of supply and demand, the necessity for capital and the distance to the main outlet. As a consequence, one cannot be too careful comparing interest rates. The best thing to do seems to be to strive for comparable conditions. For example, in 1509 a part of Holland was flooded. The villages in the disaster area probably were in a comparable demand for capital in order to repair dikes, and these villages were also more or less dependant on the same outlets. Such an event makes for a rather reliable comparison. Allow me to summarize all of this. It is the goal of my dissertation to test the central hypothesis stated above: the development of Holland’s capital market between the twelfth and sixteenth century was accompagnied by –and could therefore also be explained by- the build-up of institutions regarding the capital market. I am going to use two sub-hypotheses to test the central hypothesis. The first sub-hypothesis - institutional improvement did already take place during the Middle Ages - is concerned with detecting institutional improvement. The second sub-hypothesis - the degree of institutional development is reflected in the interest rate - links the institutional improvement to economic development. Apart from that it would be a lost opportunity not to describe Holland’s capital market on a less theoretical level. Therefore I also intend to address subjects that are less obviously linked to institutional frames, but were undoubtedly linked with the capital market, such as some religious institutions, professional moneylenders and district water boards. 2.

The historiographical context

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R. Fruin, Informatie up den staat… gedaen in den jaere MDXIV (Leiden 1866). Some sources on civic by-laws can be found in chapter 4. 17 Epstein only refers to one interest rate concerning Holland in his table about nominal interest rates on public debt in Europe c. 1270-1750 (S.R. Epstein, Freedom and growth. The rise of states and markets in Europe 13001750 (London/New York 2000). The tables S. Homer presents on medieval Europe also lack interest rates concerning medieval Holland (S. Homer, A history on interest rates (New Brunswick/New Jersey 1963) 110111, 120-121). 16

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The central historical debate my research question links up with is, of course, the growth of the market. The project that encloses my dissertation is focused on the development resulting in Holland’s economic supremacy in the seventeenth century. This is an important episode in the rise of Europe as a whole. The remarkable development of Holland during the Middle Ages and Early Modern period has been studied before, and J. de Vries and A. van der Woude even called the seventeenth century Republic the first modern nation.18 Others have also tried to come up with an explanation for this rapid development.19 Of particular interest is J.D. Tracy’s A financial revolution in the Habsburg Netherlands.20 Being the first to describe the development of Holland’s capital market using a relatively new theory, it is my intention to introduce a new point of view regarding Holland’s development. Indirectly my dissertation can be linked to the debate about the transition from feudalism to capitalism. Since institutional improvement helped to create a climate for investment, it also contributed to the attractiveness of entrepreneurship. Another debate that can be associated with my research is the shifting of world primacy from Flanders to Holland and from Antwerp to Amsterdam.21 A related debate I could contribute to is the success of the Dutch Republic: how did the revolting provinces manage to survive the Eighty Years’ War?22 3.

Methodological issues

The nature of my research is mainly positivistic. The NIE provides for the Covering Law Model (institutional improvement causes economic growth) I use to explain the development of Holland’s capital market.23 It is my aim to come up with a new theory explaining Holland’s development. The analytical frame I depart from is the idea that the development of Holland’s capital market between the twelfth and sixteenth century is probably correlated with the build-up of institutions regarding the capital market. This idea has been derived from the NIE-theory.Of course the institutional approach the NIE favours has yet to be fully developed, and my research could confirm the theory’s valadity or even contribute to its refinement. My dissertation could thus contribute to the credibility of the NIE’s institutional approach24. Its results should therefore be generally applicable. It is very hard to classify my approach in any way. Quantitative, qualitative and comparative approaches will all be used. My first sub-hypothesis (institutional improvement did already take place during the Middle Ages) can only be addressed in a qualitative way. However, my dissertation will also include some quantitative elements, such as the gathering of interest rates to indicate a correlation between institutional improvement and 18

Vries, J de & A. van der Woude, Nederland 1500-1850. De eerste ronde van de moderne economische groei (Amsterdam 1995). De Vries and Van der Woude did not only take Holland into account, but also studied the Republic’s other provinces. 19 Jansen, ‘Holland’s advance’; Van Zanden, ‘Op zoek naar de missing link’; J.L. van Zanden, The rise and decline of Holland’s economy: merchant capitalism and the labour market (Manchester/New York 1993); J.L. van Zanden, ‘Holland en de Zuidelijke Nederlanden in de periode 1500-1570. Divergerende ontwikkelingen of voortgaande economische integratie?’ in Studia Historica Oeconomica. Liber amicorum Herman van der Wee (Leuven 1993) 357-367; J.I. Israel, Dutch primacy in world trade, 1585-1740 (Oxford 1989); W.P. Blockmans, ‘The economic expansion of Holland and Zeeland in the fourteenth-sixteenth centuries’ in E. Aerts, B. Henau e.a. (eds.), Studia Historica Oeconomica. Liber amicorum Herman van der Wee (Leuven 1993) 41-58; L. Noordegraaf, Hollands welvaren? Levensstandaart in Holland, 1450-1650 (Bergen 1985). P.C.M. Hoppenbrouwers & J.L. van Zanden, Peasants into farmers? The transformation of rural economy and society in the Low Countries (middle ages-19th century) in light of the Brenner debate (Turnhout 2001). 20 J.D. Tracy, A financial revolution in the Habsburg Netherlands. Renten and renteniers in the County of Holland 1515-1565 (Berkely/Los Angeles/Londen 1985). Some other works on Holland’s capital market are L.M. VerLoren van Themaat (ed.), Oude Dordtse Lijfrenten. Stedelijke financiering in de vijftiende eeuw (Amsterdam 1985) and D. Houtzager, Hollands lijf- en losrenteleningen voor 1672 (Rotterdam 1950). 21 I.M. Wallerstein, The Modern World-System: capitalist agriculture and the origins of the European worldeconomy in the sixteenth century (New York/London 1974); I.M. Wallerstein, The Modern World-System: mercantilism and the consolidation of the European world-economy, 1600-1750 (New York 1980). J.I. Israel, The Dutch Republic. Its rise, greatness and fall 1477-1806 (Oxford 1998). 22 J.D.Tracy, A financial revolution in the Habsburg Netherlands. Renten and renteniers in the County of Holland 1515-1565 (Berkely/Los Angeles/Londen 1985); J.D. Tracy, ‘Keeping the wheels of war turning. Revenues of the province of Holland 1572-1619’ in G. Darby, The origins and development of the Dutch revolt (2001) 133-149; M. ‘t Hart, The making of the bourgois state. War, politics and finances during the Dutch Revolt (Manchester 1993). 23 C. Lorenz, De constructie van het verleden (Amsterdam 1994) 76. 24 C.C. Ragin, Constructing social research. The unity and diversity of method (Thousand Oaks/London/New Delhi 1994) 36-37. 6

interest rates (the second sub-hypothesis). This part of my study has as an independent variable the institutional framework and as a dependent variable the interest rate. First of all it is necessary to operationalise the institutions that had an effect on the transaction costs. These institutions are at the heart of my dissertation. Some of these institutions are: -

Charters regarding the unification of coinage Charters granting subjects permission to sell annuities Charters guaranteeing subjects ways to secure their property-rights Canon law prohibiting money-lending By-laws creating a credible commitment

These institutions can be traced, but it seems hard to quantify them. Acoordingly the same goes for institutional frames, and it seems therefore very hard to come up with a strict correlation.25 Nevertheless, I believe this quantitative approach can contribute to the substantiation of my second sub-hypothesis. My dissertation will also include some comparative elements, such as comparing cities and comparing rural regions. Regarding comparative research on cities I start from the principle that differences in the institutional framework lead to different interest rates. The same goes for the rural capital market: some regions seem to have had much more solvency than others. The goal of this part of my research is to unravel the different causal conditions connected to the different outcomes (differing interest rates).26 In this way I will try to prove the validity of the second sub-hypothesis. It is likely that I will be confronted with new images during my research. After all, large parts of Holland’s capital market have not yet been studied, so the gaining of new insights is to be expected. If the study of a case leads to the construction of a certain (new) image, it is necessary to test its validity. This can be done using theoretical sampling: the introduction of new cases, differing on a fundamental level from the case the new image is derived from. These new cases will be used to test the created image upon. Considering the lack of medieval sources the application of theoretical sampling and other forms of data triangulation is very likely. In some cases the only way to determine wether or not economic development can be linked to institutional improvement will probably be to eliminate other causal explanations.27 The only way to determine wether or not institutional developments in Holland were unique and can be seen as an important cause for the Republics Golden Age is by comparing the county with other regions. Unfortunately the institutional framework of other Dutch regions has not yet been studied, so it is difficult to compare them. Up until now the market-structure of England and Italy has received the most attention.28 I therefore plan to compare the results of my research with the views of historians who studied England’s and Italy’s institutional development. The time period I have chosen is not fixed. Whenever sources shed a light on the period before the twelfth century I will use them. However, this seems to be unlikely, and it is even doubtfull if the twelfth century will provide for any results. The sixteenth century, on the other hand, is very well documented. It is very attractive to include this whole century, because sources tend to become more illustrative near the end of it. However, this would mean discussing the Dutch Revolt in my dissertation. The Revolt can easily been seen as a watershed in Dutch history, and seems to be an important institutional change. In 1581 the States abandoned Philip II and took control of the governing provinces. The States-General took over from the emperor, and it is hard to say what the exact implications were for the institutional development. This problem –the replacement of the emperor as the highest legislative authority by a group dominated by citizens- is very interesting, but I fear it is such an enormous subject it cannot be a part of my dissertation. I do not expect historical actors to have acted rationally all the time. As D.C. North already demonstrated, selfinterest could have caused the issue of irrational institutions (i.e. institutions with a negative effect on the lowering of transaction costs).29 Institutional improvement concerning the market therefore was, to my opinion, not always rational. Most legislative bodies played a twofold part on the capital market: as creditors 25

Ragin, Constructing social research, 131-132. ibidem, 105-108. 27 Lorenz, De constructie van het verleden, 183. 28 e.g. R.H. Britnell, The commercialisation of English society 1000-1500 (Cambridge 1993); G. Clark, ‘The political foundations of modern economic growth: England, 1540-1800’ in Journal of Interdisciplinary history 26 (1996) 563-588; D.N. McCloskey & J. Nash, ‘Corn at interest: The cost and extent of grain storage in medieval England’ in American Economic Review 74 (1984) 174-187. S.R. Epstein has studied institutional frames in medieval Italy: S.R. Epstein, ‘Cities, regions and the late medieval crisis: Sicily and Tuscany compared’ in Past and present 130 (1991) 3-50; S.R. Epstein, An island for itself. Economic development and social change in late medieval Sicily (Cambridge 1992). 29 D.C. North, Institutions, institutional change and economic performance (Cambridge 1990). 26

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or debtors and as creators of the institutional framework. On one hand they were often in demand of capital, on the other they could improve their own solvency by issueing institutions. This clash of interests could very well have led to irrational institutions and the rise of transaction costs. 4.

Issues relating to source material

The most relevant sources I intend to use are as follows. Sources regarding the counts of Holland -

-

-

Charters issued by the count. These have been edited by F. van Mieris, Groot Charterboek der Graaven van Holland, van Zeeland en heeren van Vriesland (Leiden 1756), L. Ph. C. van den Bergh, Oorkondenboek van Holland en Zeeland (Amsterdam/The Hague 1870), J. de Fremery, Oorkondenboek van Holland en Zeeland tot het einde van het Hollandse huis. Supplement (The Hague 1901), H.G.A. Obreen, Oorkondenboek van Holland en Zeeland tot het einde van het Hollandse Huis (1299) (The Hague 1937), P.L. Muller, Regesta Hannonensia, lijst van oorkonden betreffende Holland en Zeeland uit het tijdvak der regeeringen van het Henegouwsche Huis 1299-1345, die in het charterboek van Van Mieris ontbreken (The Hague 1881), A.C.F. Koch, Oorkondenboek van Holland en Zeeland tot 1299 I eind van de 7e eeuw tot 1222(The Hague 1970), J.G. Kruisheer, Oorkondenboek van Holland en Zeeland tot 1299 II 1222 tot 1256(Assen/Maastricht 1986), J.G. Kruisheer, Oorkondenboek van Holland en Zeeland tot 1299 III 1256 tot 1278 (Assen/Maastricht 1992), J.G. Kruisheer, Oorkondenboek van Holland en Zeeland tot 1299 IV 1278 tot 1291 (Assen 1997). P.A.S. van Limburg Brouwer, Boergoensche charters 1428-1482 (Amsterdam/The Hague 1869). Furthermore, in the Early Modern period medieval charters have been written down in the so-called ‘plakkaatboeken’, such as Hollandts placcaetboeck…1580-1645; Repertorium van placcaten, octroyen ende ordonnantien, staende geregistreert inde memoriaal-boecken vanden Hove van Hollandt 1513-1642; Register van de placcaten… 1550-1552. Charters give information about the granting of municipal rights, permission to sell annuities, agreements between the count and cities about finances, and work-permits for Jews and Lombards. The issued charters can be very well incorporated in my dissertation, but most of the charters (particularly those of the fifteenth and sixteenth centuries) have not yet been edited.30 It will take a lot of research in the archives to come up with fifteenth and sixteenth century charters. Accounts of the count. These have been edited by H.J. Smit, De rekeningen der graven en gravinnen uit het Henegouwsche Huis [3 volumes] (Amsterdam/Utrecht 1924-1939), D.E.H. de Boer e.a., De rekeningen van de grafelijkheid van Holland uit de Beierse periode. Serie II. De rekeningen van de rentmeesters der domeinen. Deel 1393-1396 (The Hague 1983) ,D.E.H. de Boer e.a., De rekeningen van de grafelijkheid van Holland uit de Beierse periode. Serie III. De rekeningen van de gerechtelijke ambtenaren; deel 1393-1396 (Baljuwen en drossaerts) (The Hague 1980) and H.G. Hamaker (ed.), De rekeningen van de grafelijkheid van Holland onder het Henegouwsche Huis [3 volumes] (Utrecht 1875-1878). Th. Van Riemsdijk, De tresorie en kanselarij van de graven van Holland en Zeeland uit het Henegouwsche en Beyersche huis (The Hague 1908). The accounts of the fifteenth and sixteenth century have as yet not been edited and are available at the National Archive. This source gives information about receipts and expenditure. A part of the available material has already been studied by J.A.M.Y.Bos-Rops, Graven op zoek naar geld. De inkomsten van de graven van Holland en Zeeland 1389-1433 (Hilversum 1993). A large part of the available sources, such as those of the late fifteenth and sixteenth centuries, is only available in the archives. Sentences of the Court of Holland and the Grote Raad. The main sources are the ‘Memorialen Rosa’, edited by A.S. de Blécourt & E.M. Meijers, Memorialen van het hof (den raad) van Holland, Zeeland en WestFriesland van den secretaris Jan Rosa I-III (Haarlem 1929) and R.W.G. Lombards e.a., Memorialen van het hof (den raad) van Holland, Zeeland en West-Friesland van den secretaris Jan Rosa IV-IX (Leiden 1982). M-C. Le Bailly built a database from the records of the Burgundian era. This source can give extensive information about the usual procedures regarding the sale of annuities, as well as about the extent to which contracts could be enforced. Concerning the Grote Raad: S.T.E. Brekelmans, Chronologische lijsten van de geëxtendeerde sententiën berustende in het archief van de Grote Raad van Mechelen and L.J. van Apeldoorn, Uit de praktijk van het Hof van Holland in de tweede helft van de zestiende eeuw. As well as the other sources regarding the counts of Holland these sentences can only be fully incorporated when the sources are edited. This is not always the case, so it will be very hard to process all material.

Sources regarding the States of Holland

30

About the origins of this problem Jansen, ‘Holland’s advance’, 4-6. 8

-

Resolutions of the States. These have been edited by W. Prevenier and J.G. Smit, Bronnen voor de geschiedenis der dagvaarten van de Staten en steden van Holland voor 1544 I 1276-1433 (The Hague 1988), J.G. Smit, Bronnen voor de geschiedenis der dagvaarten van de Staten en steden van Holland voor 1544 III 1467-1477 (The Hague).This source can give information about the decisions made by the States of Holland. It is particularly valuable because it can contribute to an understanding of the financial policy. (available at the National Archive). Once again the lack of edited sixteenth-century-material is striking.

Sources regarding Holland’s cities -

-

-

-

-

-

-

Civic by-laws. Most city-archives possess several keurboeken containing by-laws, it is thus possible to monitor the development of civic institutions. Many of these have been edited or have been indexed (H.G. Hamaker, De middeneeuwsche keurboeken van de stad Leiden; H. de Jager, De middeleeuwse keuren der stad Brielle, furthermore many of the keurboeken consisting by-laws have been edited and can be found in the periodical of the Vereeniging tot Uitgave van het Oude Vaderlandsche Recht). It seems possible to process all of the material regarding the cities that are going to be compared. Municipal rights. This source gives information about the earliest history of Holland’s cities. Most of them have been edited. Among the most important secundary literature are the publications of J.G. Kruisheer, most notably his research on Leidens charters: J. Kruisheer, ‘Het ontstaan van de oudste Leidse stadsrechtoorkonden; waarschijnlijk eind 12e eeuw-1266’ in Feestbundel D.P. Blok (Hilversum 1990); J. Kruisheer, Het ontstaan van de stadsrechtoorkonden van Haarlem, Delft en Alkmaar (Amsterdam 1985) and a dissertation by C.L.Hoogewerf about Haarlems town charters (C.L. Hoogewerf, Het Haarlemse stadsrecht (1245) (Amsterdam 2001)). These sources are not very extensive, and it seems feasable to process all the available material. Citizens appearing before the Grote Raad. Tables are available listing citizens appearing before the Grote Raad of Mechelen, such as J. Th. De Smit, Leidenaars voor de Grote Raad (1470-1580): Processen uit het archief van de Grote Raad (Parlement) van Mechelen met betrekking tot de instellingen en de bewoners van Leiden (Leiden 1981) and J.C.Andries, Inventaris en beschrijving van de processtukken (dossiers) behorende tot de beroepen uit Holland berustende in het archief van de Grote Raad van Mechelen [10 volumes] (Amsterdam 1964-1974). J.Th. de Smidt & Eg. J. Strubbe (eds.), Cronologische lijsten van de geëxtendeerde sententiën en procesbundels (dossiers) berustende in het archief van de Grote Raad van Mechelen [6 volumes 1465-1580] (Brussel/Utrecht 1966, 1971). Various juridical sources, such as civil jurisdiction, criminal procedures and divisions of property. They provide information about the enforcement of contracts, as well as information about the usual procedures regarding the sale of annuities. Only a small part of the available sources has been edited, such as K. Heeringa, Rechtsbronnen der stad Schiedam; P.J. Blok, Leidse rechtsbronnen uit de middeleeuwen; A.S. de Blécourt & J.J.A. Wijs, Kenningboek der stad Leiden 1553-1570; M.D. Osinga & W.S. Gelinck, Kenningboeken der stad Leiden 1570-1574; L.M. Rollin Couquerque & A. Meerkamp van Embden, Rechtsbronnen der stad Gouda, J. Huizinga, Rechtsbronnen der stad Haarlem; J.C. Breen, Rechtsbronnen der stad Amsterdam. It would probably take a lifetime to research all the available sources. Notarial sources, including the predecessor of the profession of notary, documents ratified by aldermen. These sources give information about the interest rate, participants and guarantees. Most of these sources have not been edited or indexed. Sources regarding civic government, such as resolutions of town-counsils and the so-called mayor-diaries. These provide the historian with insight in the decisions that were taken. The economic policy of Holland’s cities can best be studied using these sources. A part of these resolutions has been edited, for instance W.F.F.Rammelman-Elsevier, ‘De vroedschapsresoluties van Leiden’ in Kroniek Historisch Genootschap VI (Utrecht 1850). Accounts of the mayors. These are important and abundant sources, spanning the thirteenth to sixteenth centuries. They give information about cities receipts and expenditure, including annuities. Unfortunately only the earliest of these accounts have been edited, such as A. Meerkamp van Embden, Stadsrekeningen van Leiden 1390-1434 [2 volumes] (Amsterdam 1913-1914); J. W. J. Burgers & E. C. Dijkhof, De oudste stadsrekeningen van Dordrecht 1283-1287 (Hilversum 1996). Due to the systematical structure of these sources, it seems possible to process all available sources. Books of official statements. These are important sources containing the ad-hoc decrees issued by citygovernments. In the town-archive of Leiden the so-called aflezingboeken are indexed. Annuity-contracts. These are, of course, very important sources. Some of these rentebrieven have been preserved, for instance in Leidens city-archive, where hundreds of original contracts are available. These are included in a databank. Elsewhere these annuity-contracts have been preserved as well, a small portion of them has been edited, for instance by J.H. Kernkamp, Vijftiende-eeuwse rentebrieven van Noordnederlandse steden (Groningen 1961) and G. de Moor, ‘De tussen 1482/1483 en 1490/1491 bij de stad Haarlem

9

afgesloten lijfrenten’ in Ons voorgeslacht 447 (49e jaargang maart 1994). It is as yet impossible to indicate if these sources can be processed as a whole. Particularly regarding the proposed collecting of interest-rates it seems very attractive to do so. Sources regarding professional money-lenders -

Sources concerning Jews and Lombards can be found among charters issued by the count and civic by-laws. It seems impossible to search systematically for this rather shattered sort of evidence, I plan mainly to use the available literature, such as J. Melles, Het huys van leeninge. Geschiedenis van de oude Lombarden ende de stedelijke bank van lening te Rotterdam 1325-1950 (Den Haag 1950) and H.A.J. Maassen, Tussen commercieel en sociaal krediet.

Sources regarding religious institutions -

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Accounts of churches, abbeys, orphanages, Beguine-houses, almshouses etc. Sources concerning some of Holland’s main abbeys have been edited, such as the abbey of Rijnsburg (M. Hüffer, Bronnen voor de geschiedenis der abdij van Rijnsburg [2 volumes] (The Hague 1951)). An abundant number of religious institutions has not yet been addressed. Annuity-contracts. It seems these are available for many religious institutions.

Holland’s countryside -

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Charters issued by the count. A list of editions can be found above. Inquiries instituted by the count, such as the inquiries held in 1494 and 1514, edited by R. Fruin, Enqueste ende informatie upt stuk van den reductie en de reformatie van den schiltaelen… gedaen in den jaere MCCCCXCIIII (Leiden 1876) and R. Fruin, Informatie up den staat… gedaen in den jaere MDXIV (Leiden 1866). I have already processed these sources. Furthermore inquiries were already held in the fourteenth century (T.S. Jansma, ‘Un document historico-démographique’ in Miscellanea Medievalia in memoriam J.F. Niermeyer (Groningen 1967) 345-357; Boer, D.E.H. de, ‘Vorstelijk inkomen. Een financieel rapport over Holland in 1373’ in D.P. Blok (red.), Datum et actum. Opstellen aangeboden aan Jaap Kruisheer ter gelegenheid van zijn vijfenzestigste verjaardag (1998) 23-65). Accounts of the count. A list of editions can be found above. Regional by-laws. These accounts of customary law can provide the historian with evidence on regional differences in the institutional framework. Most of these have been edited, such as R. Fruin, ‘De costumen van Rijnland, zoo als zij in 1570, op aanschrijven van Alva, in schrift zijn gebracht’ in Nieuwe Bijdragen voor Regtsgeleerdheid en Wetgeving 24 (1874) 456-468; F.A. Hoefer, ‘Costumen van Delfland, Rotterdam, Schiedam, Alkmaar, Hoorn, Medemblik, Grootebroek, Purmerend en Purmerland, Beverwijk, Edam, Naarden en Gooiland. 1570’ in Verslagen en Mededeelingen van de vereniging OVR IV (1903) 549-574. By-laws of West-Frieslands’ cities. Nearly all communities in the region of West-Friesland enjoyed municipal rights. This means they had a right to make their own by-laws. Since most of these cities were in fact villages (they had no city-walls, did not have a regional market etc.) the by-laws they produced can probably be seen as village-laws and could fill the gap caused by the absence of sources on custom law. Accounts of local lords. Records of bailiffs. These have been used by O. van den Arend, Zeven lokale baljuwschappen in Holland (Hilversum 1993). Sentences of the Court of Holland and the Grote Raad. A list of editions can be found above. Contemporary surveys on the legal system. The main source is an account of the legal system by Jan Mathijssen, edited by J.A. Fruin & M.S. Pols, Het rechtsboek van Den Briel beschreven in vijf tractaten door Jan Mathijssen (The Hague 1880). Local tables of the sale of land and annuities. These are for instance available for the villages of Goedereede, Heinenoord and Monster. For Moerkerken these have been edited by L. Helms van Eis, ‘Register ende protocol van eijgen- ende rentbrieve van Moerkercken, ingaende anno XVC XXXII ende eindigende metten jare 1552’ in Ons voorgeslacht 37e jaargang nr. 316 97-123, 143-155, 349-370. Morgenboeken (sources concerning landed property), about these sources M.H.V. van Amstel-Horák, ‘De Rijnlandse morgenboeken, een unieke bron uit het pré-kadastrale tijdperk’ in Holland 26e jaargang (1994) 87-111.

Noblemen

10

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Accounts of local lords (A. Janse concluded such medieval accounts have been very poorly preserved. According to H.F.K. van Nierop sources are available for the sixteenth and the first half of the seventeenth century).31 Surveys on particular noblemen do exist, and could be a useful guide to this part of the research, such as P. Dekker, Godert van Bocholt. Enige heer, grootgrondbezitter en zoutzieder van de Zijpe (Schoorl 1998); H.M. Brokken (ed.), Heren van stand. Van Wassenaer 1200-2000. Achthondert jaar Nederlandse adelsgeschiedenis (Zoetermeer 2001). Leenrepertoria. Many of these have been edited. According to J. Kruisheer the archive of the Leenkamer (feudal council) has been preserved almost completely intact.32

District water boards -

Accounts of these are available, such as M.H.V. van Amstel-Horák & R.W.G. Lombards, Regestenboek van het Hoogheemraadschap van Rijnland april 1253-oktober 1814 (Leiden 1992). Furthermore the hoogheemraadschap Rijnland is currently being studied

Most of the sources mentioned above cannot be fully processed. Considering the area and the period under investigation I will have to discard a large part of the available sources. Many of the sources have not been selected, but are just the only ones available. As a medievist I am much more concerned with locating (possible) sources than with the discarding of somewhat less useful material. I have tried to give an account of the serial sources available, next to these many more or less isolated sources could be mentioned. It does not seem to be a problem to base my dissertation on the extensive and numerous sources listed above. Particularly the fifteenth and sixteenth centuries contain many useful sources. The edited sources pose the biggest problem: the relatively scarce sources of the high Middle Ages have been edited the most, while fifteenth- and sixteenth-century sources (enabling a wide scope) have only very rarely been edited. Historians have been very keen on editing the earliest sources, probably considering the value these appaer to have, but disregarded the advantages the late Middle Ages have to offer. Students of fifteenth and sixteenth century Holland are because of this lack of edited sources confined to intensive research in archives. 5.

The composition of the dissertation

This composition is, of course, provisional. •

Introduction

1. 2. 3.

Problem statement Introduction of the New Institutional Economy Introduction of medieval Holland’s legal system

•

Part I: the central government and dioscese

1. -

The counts of Holland Did the counts improve Holland’s institutional framework? If so, have they always done this, or is it possible to pinpoint a starting point? In what way did the counts improve the institutional framework and what were the consequences for the capital market? Did the counts try to achieve credible commitment, and if so, in what way? Did the counts place themselves above the law? If so, have they always done this, or is it possible to pinpoint a starting point? The States of Holland Did the States of Holland improve Holland’s institutional framework?

2. 31

A. Janse, ‘Rekening en ridderschap. De betekenis van rekeningen voor de geschiedenis van de Hollandse adel’ in D.E.H. de Boer, J.W. Marsilje en J.G. Smit (red.) Vander rekeninghe. Bijdragen aan het symposium over onderzoek en editieproblematiek van middeleeuws rekeningmateriaal, gehouden in Utrecht op 27 en 28 februari 1997 (Den Haag 1998) 111-122: 112; H.F.K. van Nierop, Van ridders tot regenten.De Hollandse adel in de zestiende en de eerste helft van de zeventiende eeuw (z.p. 1984) 268-269. 32 J. Kruisheer, ‘De registers van Pieter van Leiden: het papieren cartularium van de graven van Holland (1299) en het begin van de systematische registratie ter kanselarij’ in Nederlands Archievenblad, LXXII (1968) 27-110: 28, cited by Jansen, ‘Holland’s advance’, 17 note 57. 11

3. • 1. -

If so, have they always done this, or is it possible to pinpoint a starting point? Is it, regarding the question stated above, possible to hang on to Tracy’s ‘financial revolution’? What did the States of other regions do to improve the institutional framework? Canon law What were the main religious opinions on money-lending? How did the bishop of Utrecht respond to these? In what way could the bishop of Utrecht impose religious dogma in the county of Holland? And in what way could the observance of canon law be enforced? Did canon law block institutional improvement in medieval Holland? Was religious dogma on money-lending in Holland particularly strict or more lenient? Part II: the civic capital market Organisation How did Holland’s cities organise their capital markets? Were all forms of organisation alike, or were they very different? Did cities improve their institutional framework? If so, is it possible to point out a starting point? In what way did the cities improve the institutional framework and what were the consequenses for the capital market? Did city-governments try to achieve a credible commitment, and if so, in what way? Did city-government place themselves above the law? If so, have they always done this, or is it possible to point out a starting point? Did city-governments need permission granted by the count to sell annuities? If so, how did they obtain permission?

2. -

A comparison between a number of cities Introduction of the cities that are being compared. Why are these cities being compared rather than others? On what grounds is a comparison expected to be fruitful? What are the differences between the cities regarding the institutional framework? What are the differences between the cities regarding their position on the capital market: Did they encounter high or low interest rates? Were they able to gather as much capital as they wanted? Can differences among cities considering solvency be explained by differences in the institutional framework? - Is it possible to pinpoint differences in the way capital was gathered? Did some cities rely more on lifeannuities, and others more on redeemable annuities? - If so, what could be the explanation? 3. Religious institutions - What was the exact role of regious institutions as creditors? Were they among the main creditors? - If so, what were the consequences for their political position? Could they put the city-governments under pressure? - Did religious institutions act as debtors? - If so, did they pay a common interest rate, or did they enjoy low interest rates as a means of charity? - Did religious institutions live up to the rules laid down by canon law? Did they sell or buy redeemable annuities? - If they did, when did they start to do so, and accordingly, when did religious ethics lose ground? 4. Professional money-lenders - Were Jews and Lombards the only (professional) money-lenders? - If not, who were the others? - In what way did city-governments control their businesses? - What interest rates did professional money-lenders ask? How were these in proportion to other rates? - Did city-governments issue institutions particularly aimed at professional money-lenders, and if so, what sort of institutions? - Is it possible to trace down networks of professional money-lenders helping each other out? •

Part III: the rural capital market

1.

Village-communities

12

2. 3. 4. 5. -

In what way did village-communities act on the capital market? Were they among the creditors, among the debtors or both? Why did village-communities attract capital? What did they use to make their pledge? In what way did village-communities organise an issue of annuities? What was their exact capital-market? At what distance did selling annuities become less profitable? Did village-communities use intermediaries to organise the annuity-sale and annual interest payment? What was the role of local lords and bailiffs? Did village-communities need permission granted by the count to sell annuities? If so, how did they obtain permission? A comparison of rural regions Introduction of the regions being compared. Why are these regions being compared rather than others? On what grounds is a comparison expected to be fruitful? What are the differences between the rural regions regarding the institutional framework? What are the differences between the rural regions regarding their position on the capital market: Did they encounter high or low interest rates? Were they able to gather as much capital as they wanted? Can differences among rural regions considering solvency be explained by differences in the institutional framework? Is it possible to pinpoint differences in the way capital was gathered? Did some rural regions rely more on life-annuities, and others more on redeemable annuities? If so, what could be the explanation? Noblemen In what way did noblemen act on the capital market? Were they among the creditors, among the debtors or both? If they were among the debtors, in what way did they attract capital and how did they manage to sell and pay the annual interest rates? Why did they attract capital? What did they use to make their pledge? Did they sell annuities to anyone, or did they only sell to fellow-noblemen? Bailiffs Did bailiffs improve rural institutional frameworks? If so, did they act on their own, and if not, who were the others? Religious institutions What was the exact role of regious institutions as creditors? Were they among the main creditors? If so, what was the consequence for their political position? Could they put bailiffs, noblemen and villagecommunities under pressure? Did religious institutions act as debtors? If so, did they pay a common interest rate, or did they enjoy low interest rates as a means of charity? Did religious institutions live up to the rules laid down by canon law? Did they sell or buy redeemable annuities? If they did, when did they start to do so, and accordingly, when did religious ethics lose ground?

6. District water boards - In what way did district water boards act on the capital market? Were they among the creditors, among the debtors or both? - If they were among the debtors, in what way did they attract capital and how did they manage to sell and pay the annual interest rates? - Why did they attract capital? - What did they use to make their pledge? •

Conclusion

I expect to find a correlation between the growth of financial institutions and the development of the capital market (the central hypothesis). To prove this, I think I will be able to indicate institutional improvement by the counts of Holland, the States, city-governments and rural legislators (the first sub-hypothesis). Along with this institutional improvement I expect to be able to show that interest rates dropped. I will demonstrate the correlation between institutional improvement and dropping interest rates comparing different cities and rural regions (the second sub-hypothesis).

13

• -

Appendices A chronological survey of interest rates found in the sources (12th-16th centuries) Tables regarding the Informatie of 1514 Editions of some key sources

I intend to split my dissertation into three parts. All three are concerned with a specific legislative body. The first part is that of the central government and dioscese. The second is concerned with the legislative powers of city-governments, while the third addresses the countryside where local lords, baillifs and village-communities had legislative powers. The central government and dioscese had legislative powers over all of Holland.33 Considering the fact that this dissertation is concerned with the development of the county of Holland, the central government seems to be the most appropiate legislative body to serve as a starting point. After all, legislation from the top down had effect on the whole county, so the central governments’ legislation should therefore have accounted for the chief part of Holland’s relatively progressive institutional framework. Holland’s cities had a right to self-government. They could, within the framework of charters issued by the count, improve the institutions regarding the capital market. Unlike village communities, where local lords and baillifs could be very influential, city-governments seem to have been much more decisive. The third level of legislative power consists of the the countryside. There, legislative power seems to have been shattered and was confined to the frameworks of regional by-laws. Village-communities, noblemen and bailiffs to a certain degree all could issue laws. This sort of fragmented power was not very effective, and it would have been hard for a nobleman or village-community to influence the development of the institutional framework in a suitable way. In the course of my dissertation the scope somewhat narrows: the institutional frameworks under investigation become less broad and influential. The focus accordingly shifts from the general (institutions issued by the central government) to the more specific (village customs). Already aware of the issues addressed by central-government-regulation, the reader next is shown the space and power to improve local institutions cities and village-communities had. As has been stated above, I do not intend just to write a dissertation on the institutional development. I also want to write a survey on medieval Holland’s capital market. Although the main focus will be on institutional developments, subjects as professional money-lenders and district water boards will be addressed. These subjects need to be inserted into the three parts the dissertation consists of. The religious institutions are another concern. Canon law of course was an institutional framework (as were the by-laws district water boards issued) and the canonical prohibition to raise interest was very influential. However, the main question we must ask ourselves is not if canon law influenced the economy, but whether or not it helped to improve economic conditions in medieval Holland. There are some objections to be made to this possibility. First of all, it is unlikely that religious institutions used canon law to improve economic conditions. While the central-government, city-governments and countryside legislators probably sought to improve economic conditions, the aim of the bishop of Utrecht was to improve religious morale. As a second objection it could be proposed that canon law was more or less aimed at curbing the economic development. The medieval capital market was to a large degree the result of a struggle between canon law and secular authorities: most of the time the former imposed negative institutions, while the latter provided for positive legislation. Would it be necessary to investigate religious institutions in order to be able to explain Holland’s development? Or is it better to state that Holland managed to enjoy economic growth in spite of canon law? I assume it is possible canon law in Holland was relatively weak, and could be an appropiate factor to use to explain (extraordinary) economic growth. Therefore canon law will be discussed in part I of my dissertation. The institutional frame-work issued by district water boards probably was not primarily aimed at economic improvement. District water boards were concerned with protective dikes and groundwater levels. Their by-laws were only indirectly improving local economy and a link with the capital market is far-fetched. District water boards are therefore not given a central place and discussed within part III. 7.

Time schedule and research priorities

Time schedule 33

September 2002 - March 2003 rural capital market April 2003 – October 2003 civic capital market November 2003 – May 2004 the central government and dioscese June 2004 – April 2006 writing the dissertation Except for the so-called immuniteiten, immunities governed by powerful noblemen. 14

The official time limit for my project is April 2006. As yet I do not expect to exceed this time limit. Some of the parts of the research project are not that essential and could be skipped. Everything not closely related to the main hypothesis and two sub-hypotheses could be dropped or at least be researched less intensive. The proposal to write a general survey on annuities in Holland could be more or less abandoned, and the same goes for research on professional money-lenders, noblemen, some religious institutions or district water boards.

15

8.

List of source materials

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