Excise Taxation and the Origins of Public Debt

This insightful work delves into the historical significance of excise taxation and public debt in Britain, particularly during the 1640s and 1690s.

In Excise Taxation and the Origins of Public Debt, D'Maris Coffman presents a comprehensive reinterpretation of the introduction of excise taxation in Great Britain during the 1640s and its connection to the Financial Revolution of the 1690s. Through meticulous analysis of unpublished manuscripts and print sources, Coffman sheds light on the complexities surrounding these new taxes, which were both constitutionally controversial and fiscally significant. The study reveals how Parliament's ability to impose indirect taxation, previously seen as politically impossible, marked a pivotal moment in British history.

Coffman also examines William Petty's Treatise on Taxes, showcasing how it contributed to the development of a discourse that supported the tax state. This fresh perspective emphasizes the role of fiscal innovation during the Civil Wars and Interregnum, challenging conventional narratives about the economic implications of the events of 1688/89. By addressing these historical nuances, the book encourages readers to rethink established beliefs about the evolution of the fiscal state in Britain.

The final chapter offers new insights into why the British public of the eighteenth century accepted unprecedented levels of government borrowing and one of the heaviest tax burdens in Western Europe. Coffman argues that adopting a 'new financial history' approach can enhance our understanding of taxation sustainability and broader economic theories, making Excise Taxation and the Origins of Public Debt a vital contribution to both historical and contemporary economic discussions.