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The centralized state of the early modern age exerted a decisive influence on the development of financial institutions and in other economic sectors as well. To maintain its power both within its borders and within the international system, the state supported a large royal or princely court, a bureaucracy, and an army. It was the major purchaser of weapons and war matériel. Its authority affected class balances. Over the century’s course, the prince expanded his authority to make appointments and grant pensions. His control of resources softened the divisions among classes and facilitated social mobility. Several great merchants and bankers, ...(100 of 156573 words)
