272 luciano pezzolo
of the Republic. In addition to the Depositi in zecca, there were forced
loans on guilds and ecclesiastical institutions, lotteries, the sale of offices
and noble titles, and loans contracted abroad. During the 18th century, the
evolution of debt reflected Venice’s economic and political situation. The
general stability of state revenues and the lack of heavy financial burdens
allowed the government to maintain the debt at an acceptable level.
Though quantitative data are lacking, it is quite probable that the Vene-
tian patriciate was the most important lender to the state, and thus to its
own government institutions. The presence of significant shares of state
securities is evident in numerous aristocratic patrimonies and dowry
settlements. From the beginning of the 17th century, the patricians were
joined more and more frequently by lay and ecclesiastical institutions
and by other private citizens, particularly the Genoese. In 1787 Venetians
held 79.7 per cent of the Venetian debt, foreigners had 19.5 per cent, and
just 0.8 per cent was in the hands of subjects of the terraferma.37 This
image can be interpreted in different ways: on the one hand the interna-
tionalization of the debt might represent the high degree of trust in the
Venetian debt; on the other, the phenomenon could be seen as a sign
of difficulty for the Venetian patricians in satisfying the demands of the
state. Third, the scarse participation of subjects from the dominion might
show, yet again, the limits and nature of the Venetian territorial state:
a state that was centered on Venice, unable to complete the process of
forming a coherent and cohesive political entity with the rest of the ter-
ritories under the flag of St Mark. However, the redistributive effects of
revenues were significant: interest on the debt contributed to sustaining
the 17th-century urban economy which was undergoing notable difficul-
ties, and also provided resources to charitable institutions that sought to
conserve social tranquility and the internal political equilibrium.
ManufacturesThough it was trade that characterized the Venetian Renaissance econ-
omy, the contribution of the industrial sector must not be underesti-
mated. The recent historiography has underlined how Venice in the 15th
and even more in the 16th century was one of the greatest industrial
centers in Europe.38 Wool and silk fabrics, glass beads and mirrors, leather
37 Georgelin, Venise au siècle des lumières, p. 554.
38 Salvatore, Ciriacono, “Industria e artigianato,” in Storia di Venezia, vol. 5: Il Rinasci-
mento. Società ed economia, ed. Tenenti and Tucci, pp. 523–92; Ugo Tucci, “Venezia nel