I. Aids, Loans and Benevolences

Abstract

In the later Middle Ages English kings borrowed to an increasing extent from their subjects rather than from foreign bankers. This development, often remarked, has usually been interpreted as both a sign and a cause of the Crown's weakness. Dependence on its subjects' goodwill is thought to have compromised the Crown's political authority, while its financial embarrassment enabled subjects to make a profit at the Crown's expense. Repeated borrowing thus brought not only an inexorable decline into insolvency, but increasing distrust of the Crown's promises and contempt for its rule. Such an interpretation derives much of its force from the view usually taken of these loans. They were, we are told, not ‘forced’ but freely made; not offered disinterestedly, but for profit.

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