21 - Papal Finances in the Early Modern Period

Summary

This chapter focuses on the evolution of papal finances during the sixteenth century, a period of radical change, which was characterized by seminal moments such as the creation of the Monte della Fede (public debt) in 1526, the imposition of the Triennial Subsidy (an attempt to charge a universal direct tax) of 1543, and others. It also looks at the consequences that these changes brought about in the seventeenth century. After a brief literature review, the transition between the medieval and the early modern period is also explained, followed by an analysis of the public debt and venal offices. The chapter then discusses the relations between central and peripheral powers and ends with an overview of the role played by merchant bankers.