The Influence of Debt on the Relations between Crown and Aristocracy in Seventeenth-Century Castile

Jago, Charles J.

doi:10.2307/2594250

Cited by 10 publications

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“…Since most of their assets were tied up in entail that could not be sold or mortgaged, the nobles faced substantial difficulty in obtaining cash loans to support their ostentatious lifestyle in an inflationary era. Only the crown had the power to suspend the clause in entail prohibiting the right to mortgage, and to free them to use the rents from these estates as surety for loans (Jago, 1973). The Hapsburgs were thus able to tighten their grip of the aristocracy.…”

Section: Hapsburg Policies and The Demise Of Castile's Windfallmentioning

confidence: 99%

Castile, Iran, and Economic Windfall

Chan

1982

Western Political Quarterly

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NOTE: I would like to thank Maria Cediel, John Kringen, Robert Kudrle and several anonymous reviewers for their helpful comments, and the Texas A&M University for its summer research stipend that supported this analysis. HAT can happen if a traditional society receives a massive V infusion of new wealth? We examine the experiences of early V V modern Castile and contemporary Iran. We eschew purely economic explanations such as the quantity theory of money, and stress instead the influence of social institutions and government policies on economic growth and political stability.Castile was the direct recipient of the largest transfer of wealth during the 16th and 17th centuries. The discovery of gold and silver in the New World had the greatest impact on this region of Spain which, incidentally, was not a unified state at that time.' More recently, members of OPEC were the beneficiaries of a similar windfall due to the rising price of oil. The experience of Iran is particularly interesting, because it shows vividly the destabilizing effects of rapid growth. In contrast, Castile enjoyed relative political stability, but at the cost of economic stagnation. RENTIER STATES AND ECONOMIC WINDFALLWe obviously do not argue that the conditions of early modern Castile and contemporary Iran are identical. These countries do, however, have one basic similarity. Both are rentier states, which derive a substantial portion of their income from payments by foreign concerns. They share the typical attributes and problems of rentier states.First, the price of rent is inversely related to the abundance of a good, assuming relative demand inelasticity. Scarcity boosts rents, whether it is due to natural (e.g., the location of the Panama Canal) or contrived (e.g., Castile's trade monopoly in America, production cut by OPEC) shortage.

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Section: Hapsburg Policies and The Demise Of Castile's Windfallmentioning

confidence: 99%

Castile, Iran, and Economic Windfall

Chan

1982

Western Political Quarterly

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“…Half a million German laborers had left the east in less than a decade; as \V eber said, "in the dull, half-conscious drive to go away lies a measure of primitive idealism: whoever cannot fathom it, does not know• the magic of freedom." 40 The landowners of East Elbia knew neither the magic of freedom nor the imperatives of national policy. In the perspective of the day, to augment the Polish element in the exposed frontier regions of the Reich was a precarious undertak ing.…”

Section: Burke's Landedmentioning

confidence: 99%

“…In the sixteenth and sev enteenth centuries many of the high aristocracy obtained permission from the crown to establish oppressive perpetual liens ( censos) on their mayorazgos. 40 vVe lack studies, however, on the extent of liens on the thousands of small entails belonging to hidalgos. It is doubtful that they were ever as serious a burden as they were for the aris tocracy.…”

Section: The Expansion Of Secondary and University Education The Grea...mentioning

confidence: 99%

European Landed Elites in the Nineteenth Century

Spring¹

1977

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his widl;w ( 1\ lrs. George Cornwallis \ Vest, as she became) , 3 7 Church land, in Spain, 101-02, 122 n. 10 Church of England, social composition of bench of bishops, 38 Coats, Thomas, 33 Comices agrico/es, 136 Comillas, marquis of, 107, 122 n. 6 Commissions, on noble affairs in Russia, 99 Commons, House of, social composi tion, 24-25 Compadrazgo, in Spain, I 16 ComparatiYe history, differing kinds of, 1-2 Consei/s ge11era11x, 14-15, 133-34 Conserrnti,•e party, in England, social composition of leadership,

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Privilege and Property

Hanson¹

1981

Economy and Society in Baroque Portugal, 1668–1703

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The Influence of Debt on the Relations between Crown and Aristocracy in Seventeenth-Century Castile

Cited by 10 publications

References 0 publications

Castile, Iran, and Economic Windfall

Castile, Iran, and Economic Windfall

European Landed Elites in the Nineteenth Century

Privilege and Property

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