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The merchant-oriented government structure of eighteenth-century England aided its war finance and thus its rise as a major power. The Dutch Republic, SpainТs most durable enemy, also had a merchant-dominated government and apparently advantages of clear taxation authority and low borrowing costsЕ. (Motomura A. The Best and Worst of Currencies:

Seigniorage and Currency Policy in Spain, 1597-1650 // The Journal of Economic History.

1994. Vol. 54. N 1. P. 124).

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