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The financial nationalism in the financial administration of Elizabethan England
In mid-16th Century, the financial reform was implemented in order to recover the financial crisis. There were, it seems, two purposes in this reform. One is to increase the ordinary revenue by way of the fiscal austerity and the reform of custom system. The other is the financial nationalism by way of the elimination of foreign merchant.
In my article, I'll examine the custom reform and the credit policy on which thefinancial nationalism had the most important effects in Elizabethan period. The points offinancial nationalism were as follows ;
1)The shift of credit policy from the foreign borrowing to national borrowing in money market which was based on the financial support by the merchants in London.
2)The abolition of preferencial tariff to foreign merchants, especially the Hanseaticleague to protect the national merchants,especially, the Merchant Adventurers.
3) The custom was a low-rate and financial one because it was not only theordinary revenue, but one of bonds for national borrowing.
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