Charles V The Holy Roman emperor Charles V inherited the thrones of the Netherlands, Spain, and the Hapsburg possessions but failed in his attempt to bring all of Europe under his imperial rule. Born in Ghent on Feb. When Philip died inCharles was in line for the rich inheritance of the Netherlands as well as Hapsburg Austria and possibly the office of emperor. Spain—the product of the rather recent union of Aragon and Castile under the Catholic Kings—fell to him because of a series of deaths in the Spanish family, which made his mother, Joanna, the legal successor to the Spanish throne.
See Article History Government economic policy, measures by which a government attempts to influence the economy.
The national budget generally reflects the economic policy of a government, and it is partly through the budget that the government exercises its three principal methods of establishing control: Over time, there have been considerable changes in emphasis on these different economic functions of the budget.
In the 19th century, government finance was primarily concerned with the allocative function. The job of government was to raise revenue as cheaply and efficiently as possible to perform the limited tasks that it could do better than the private sector.
As the 20th century began, the distribution function acquired increased significance. Social welfare benefits became important, and many countries introduced graduated tax systems. Once more, allocative issues came to the fore, and stabilization and distribution became less significant in government finance.
The allocative function The allocative function in budgeting determines on what government revenue will be spent. Because a high proportion of national income is now devoted to public expenditure, allocation decisions become more significant in political and economic terms.
At all times and in all countries the calls for expenditure on specific services or activities, or for more generous transfer payments, will always exceed the amount that can reasonably be raised in taxation or by borrowing.
The debate about how these scarce resources should be allocated has continued for hundreds of years, and, although numerous methods of deciding on priorities have emerged, it has never been satisfactorily resolved.
In practice, most democracies contain a number of different factions that disagree on the proper allocation of resources and indeed the proper level of public sector involvement in the economy; the frequent change of national governments is related to the constant search for the right answers.
Public goods Economists have sought to provide objective criteria for public expenditures through the so-called theory of public goods. It is generally recognized that some goods needed by the public cannot be provided through the private market. Lighthouses are a classic example.
The costs of a lighthouse are such that no one shipowner will want to finance it; on the other hand, if a lighthouse is provided for one shipowner, it can be made available to all for no additional cost. Indeed it must be available to all, since there is no practical means of excluding ships from using the facility provided by the lighthouse, even if their owners have refused to pay for it.
The only practical method of providing such services is by collective action.
If goods are to be provided in this way, rather than through the private market, it is immediately necessary to confront the twin problems of deciding how much to provide and who should pay for that provision. Even if all individuals wanted the service equally—as, perhaps, with lighthouses—their views on the extent of the service would be influenced by the allocation of the costs.
Where different households may have different preferences and some may not want the service at all—as, for example, with defense by nuclear weapons—these difficulties are compounded. Economists have tried to devise abstract voting schemes that would reconcile these difficulties, but these appear to have little practical application.
Moreover, others would challenge this whole approach to the problem. It would be absurd to say that the consumer has a taste for national defense and that it is the job of the government to satisfy it.
The task of national leaders is to evolve a defense policy and persuade the public to accept it. Similarly, conservationists must attempt to awaken the public to the importance of parks and wildlife. In the context of public policy, the efficient allocation of resources consists not merely of distributing funds in the pursuit of given objectives but also involves determining the objectives themselves.During the personal rule, the fines raised a total of £, from 9, individuals.
The success of Charles’s financial expedients in the ’s could indeed justify a noteworthy accomplishment for the monarchy. Nevertheless, although Charles deemed his fiscal measures a success, the policies induced bitter debates and resentment.
A FARMER'S GUIDE TO AGRICULTURAL CREDIT. The Center for Farm and Rural Business Finance A borrower should evaluate his or her ability to generate cash to repay debt when comparing loans with different maturities. As a rule of thumb, a borrower should not select a loan maturity that is longer than the anticipated life of the asset being.
By Charles Enoch and Anne-Marie Gulde - Currency board arrangements may be coming back into fashion. , possibly by creating an independent agency under the ministry of finance.
Transition to a currency board. the central bank's ability to function as a lender of last resort under such an arrangement. During this period, the authorities.
Watch video · There’s something uncanny about Shteyngart’s ability to inhabit this man’s boundless confidence, his neediness, his juvenile tendency to fall in love and .
‘Charles’ ability to finance his government effectively and without too much resentment during the personal rule was a remarkable achievement.’ How Far Do You Agree? For the greater part of the ’s Englishmen paid their taxes, most likely grumbling whilst doing it, but they were paid.
Charles–Louis de Sécondat, Baron de la Brède et de Montesquieu (–), was born into a family of noble judges near Bordeaux.
He published The Persian Letters anonymously because he feared that his criticisms of the recently deceased Louis XIV might get him into trouble with government.