A Balance Sheet for James VI of Scotland1

This article constructs a conjectural balance sheet for the finances of James VI of Scotland (1567-1625), who ruled a rapidly-developing European state. Various accounting concepts are applied to it, including insolvency, liquidity and leverage. James was probably insolvent by the 'quick ratio&...

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Bibliographic Details
Published inThe Journal of European economic history Vol. 38; no. 1; p. 49
Main Author Goodare, Julian
Format Journal Article
LanguageEnglish
Published Rome Bancaria Editrice S p A 01.04.2009
Subjects
Accountants
Accounting
Assets
Balance sheets
Castles & palaces
Debt
Economic history
Expenditures
Fiscal years
James VI, King of Scotland (1567-1625)
Kings
Living arrangements
Tax revenues
Taxation
United Kingdom > UK
Scotland
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Summary:This article constructs a conjectural balance sheet for the finances of James VI of Scotland (1567-1625), who ruled a rapidly-developing European state. Various accounting concepts are applied to it, including insolvency, liquidity and leverage. James was probably insolvent by the 'quick ratio' test for about twenty years before obtaining the English throne in 1603. The article proposes modifications to the standard paradigm for interpreting pre-modern state finance - the transition from 'domain state' to 'tax state', hitherto discussed with reference only to revenue and expenditure. Assets are argued to be crucial, and a political dimension to fiscal decisions is outlined. [PUBLICATION ABSTRACT]
ISSN:0391-5115
2499-8281