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← How England Outborrowed France
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Question
What was the approximate difference in borrowing costs between England and France during their 18th-century wars?
1
England borrowed at 3–4%, France at 8–10% — roughly a factor of 2 to 3 higher for France
2
England and France borrowed at similar rates; England's advantage was in tax collection efficiency
3
England borrowed at 7%, France at 5% — a modest 2 percentage point gap
4
England borrowed at 2%, France at 12% — an extreme gap that resulted from France's 1715 default
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