Three City-State Experiences
Three City-State Experiences
This chapter examines public credit and political representation in three European city-states: Cologne, Genoa, and Siena. The goal is to identify the mechanisms at work that determined whether a state had access to credit and at what cost. The chapter considers how public debt was an issue of strong and often violent social conflict within city-states, along with the importance of political control by merchants. The experience of Cologne, Genoa, and Siena shows that there was nothing more effective in ensuring access to credit than being ruled by a merchant oligarchy. Evidence also suggests that when merchant control was challenged, this had negative consequences for access to credit.
Keywords: public credit, political representation, city-states, Cologne, Genoa, Siena, public debt, social conflict, merchants, merchant oligarchy
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