The Financial Policy of the Revolutionaries in Belgium (1830-1831)
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Abstract
Upon examining the financial initiatives pursued by different social groups in support of the new revolution, a disheartening realization emerges. The group that took direct responsibility for participating in the revolution, and from which the new leaders largely emerged, had minimal ties to affluent social circles, the high bourgeoisie, noble feudal lords, or political institutions that primarily rely on intellectual qualifications rather than economic status. The promotion of industry and trade was a key concern for industrialists and traders, leading to the implementation of government tax policies that favored these groups. These policies included a reduction of customs duties and invention fees by over 25%, resulting in a tax loss of up to one-fifth of the total. However, financial mismanagement led to a budget deficit and long-term public debt in Belgium, which had multiple effects. Additionally, the government's weak position in Calais contributed to a high rate of liquidity and payment, resulting in the imposition of large taxes on the population. As a consequence, only those who could afford to pay all taxes were eligible to participate in Belgian elections.
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