Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam
Hospitals were among the wealthiest organizations in medieval cities. Their directors managed portfolios consisting of real estate and financial instruments; as a result, they also handled large quantities of money. It has been suggested that they used these to provide a variety of financial service...
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| Language: | deu |
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De Gruyter
2025-05-01
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| Series: | Jahrbuch für Wirtschaftsgeschichte |
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| Online Access: | https://doi.org/10.1515/jbwg-2025-0008 |
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| author | Zuijderduijn Jaco |
| author_facet | Zuijderduijn Jaco |
| author_sort | Zuijderduijn Jaco |
| collection | DOAJ |
| description | Hospitals were among the wealthiest organizations in medieval cities. Their directors managed portfolios consisting of real estate and financial instruments; as a result, they also handled large quantities of money. It has been suggested that they used these to provide a variety of financial services and performed early banking functions. In this study I focus on the role hospitals played in allowing the general population to invest in financial instruments that could serve as old age pensions. Two hospitals in Amsterdam issued corrodies: pensions in kind that gave investors the right to lifelong board and lodging in the hospitals. They also issued life annuities: lifelong monetary pensions. Since both contract types were automatically terminated at death, they required relatively low investments and were ideal for securing an income in money or in kind during one’s final years. In this article, I will demonstrate that via the practice of issuing life annuities and corrodies, these hospitals played a central role in providing the late-medieval urban middle class with access to pensions. I will also show that thresholds for investing were sufficiently low to allow Amsterdam’s middle class to invest in both life annuities and corrodies. |
| format | Article |
| id | doaj-art-bc91eb962dba4a6baf3bdb5c8b478655 |
| institution | OA Journals |
| issn | 0075-2800 2196-6842 |
| language | deu |
| publishDate | 2025-05-01 |
| publisher | De Gruyter |
| record_format | Article |
| series | Jahrbuch für Wirtschaftsgeschichte |
| spelling | doaj-art-bc91eb962dba4a6baf3bdb5c8b4786552025-08-20T01:54:18ZdeuDe GruyterJahrbuch für Wirtschaftsgeschichte0075-28002196-68422025-05-0166120523810.1515/jbwg-2025-0008Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval AmsterdamZuijderduijn Jaco0Department of Economic History, Lund University, School of Economics and Management, Scheelevägen 15, S-22363LundSwedenHospitals were among the wealthiest organizations in medieval cities. Their directors managed portfolios consisting of real estate and financial instruments; as a result, they also handled large quantities of money. It has been suggested that they used these to provide a variety of financial services and performed early banking functions. In this study I focus on the role hospitals played in allowing the general population to invest in financial instruments that could serve as old age pensions. Two hospitals in Amsterdam issued corrodies: pensions in kind that gave investors the right to lifelong board and lodging in the hospitals. They also issued life annuities: lifelong monetary pensions. Since both contract types were automatically terminated at death, they required relatively low investments and were ideal for securing an income in money or in kind during one’s final years. In this article, I will demonstrate that via the practice of issuing life annuities and corrodies, these hospitals played a central role in providing the late-medieval urban middle class with access to pensions. I will also show that thresholds for investing were sufficiently low to allow Amsterdam’s middle class to invest in both life annuities and corrodies.https://doi.org/10.1515/jbwg-2025-0008hospitalsretirement, pensionscorrodieslife annuitiesmedieval historyhospitälerruhestandpensionenpfründnerleibrentenmittelalterliche geschichten 23n 33n 83n 94 |
| spellingShingle | Zuijderduijn Jaco Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam Jahrbuch für Wirtschaftsgeschichte hospitals retirement, pensions corrodies life annuities medieval history hospitäler ruhestand pensionen pfründner leibrenten mittelalterliche geschichte n 23 n 33 n 83 n 94 |
| title | Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam |
| title_full | Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam |
| title_fullStr | Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam |
| title_full_unstemmed | Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam |
| title_short | Set for Life: Old-Age Pensions Provided by Hospitals in Late-Medieval Amsterdam |
| title_sort | set for life old age pensions provided by hospitals in late medieval amsterdam |
| topic | hospitals retirement, pensions corrodies life annuities medieval history hospitäler ruhestand pensionen pfründner leibrenten mittelalterliche geschichte n 23 n 33 n 83 n 94 |
| url | https://doi.org/10.1515/jbwg-2025-0008 |
| work_keys_str_mv | AT zuijderduijnjaco setforlifeoldagepensionsprovidedbyhospitalsinlatemedievalamsterdam |