A Free Nation Deep In Debt
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A Free Nation Deep In Debt
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Author : James Macdonald
language : en
Publisher: Princeton University Press
Release Date : 2006-05-22
A Free Nation Deep In Debt written by James Macdonald and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-22 with Business & Economics categories.
For the greater part of recorded history the most successful and powerful states were autocracies; yet now the world is increasingly dominated by democracies. In A Free Nation Deep in Debt, James Macdonald provides a novel answer for how and why this political transformation occurred. The pressures of war finance led ancient states to store up treasure; and treasure accumulation invariably favored autocratic states. But when the art of public borrowing was developed by the city-states of medieval Italy as a democratic alternative to the treasure chest, the balance of power tipped. From that point on, the pressures of war favored states with the greatest public creditworthiness; and the most creditworthy states were invariably those in which the people who provided the money also controlled the government. Democracy had found a secret weapon and the era of the citizen creditor was born. Macdonald unfolds this tale in a sweeping history that starts in biblical times, passes via medieval Italy to the wars and revolutions of the seventeenth and eighteenth centuries, and ends with the great bond drives that financed the two world wars.
A Free Nation Deep In Debt
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Author : James MacDonald
language : en
Publisher: Princeton University Press
Release Date : 2006-05-22
A Free Nation Deep In Debt written by James MacDonald and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-22 with Business & Economics categories.
For the greater part of recorded history the most successful and powerful states were autocracies; yet now the world is increasingly dominated by democracies. In A Free Nation Deep in Debt, James Macdonald provides a novel answer for how and why this political transformation occurred. The pressures of war finance led ancient states to store up treasure; and treasure accumulation invariably favored autocratic states. But when the art of public borrowing was developed by the city-states of medieval Italy as a democratic alternative to the treasure chest, the balance of power tipped. From that point on, the pressures of war favored states with the greatest public creditworthiness; and the most creditworthy states were invariably those in which the people who provided the money also controlled the government. Democracy had found a secret weapon and the era of the citizen creditor was born. Macdonald unfolds this tale in a sweeping history that starts in biblical times, passes via medieval Italy to the wars and revolutions of the seventeenth and eighteenth centuries, and ends with the great bond drives that financed the two world wars.
One Nation Under Debt Hamilton Jefferson And The History Of What We Owe
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Author : Robert E. Wright
language : en
Publisher: McGraw Hill Professional
Release Date : 2008-05-01
One Nation Under Debt Hamilton Jefferson And The History Of What We Owe written by Robert E. Wright and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-01 with Business & Economics categories.
Like its current citizens, the United States was born in debt-a debt so deep that it threatened to destroy the young nation. Thomas Jefferson considered the national debt a monstrous fraud on posterity, while Alexander Hamilton believed debt would help America prosper. Both, as it turns out, were right. One Nation Under Debt explores the untold history of America's first national debt, which arose from the immense sums needed to conduct the American Revolution. Noted economic historian Robert Wright, Ph.D. tells in riveting narrative how a subjugated but enlightened people cast off a great tyrant-“but their liberty, won with promises as well as with the blood of patriots, came at a high price.” He brings to life the key events that shaped the U.S. financial system and explains how the actions of our forefathers laid the groundwork for the debt we still carry today. As an economically tenuous nation by Revolution's end, America's people struggled to get on their feet. Wright outlines how the formation of a new government originally reduced the nation's debt-but, as debt was critical to this government's survival, it resurfaced, to be beaten back once more. Wright then reveals how political leaders began accumulating massive new debts to ensure their popularity, setting the financial stage for decades to come. Wright traces critical evolutionary developments-from Alexander Hamilton's creation of the nation's first modern capital market, to the use of national bonds to further financial goals, to the drafting of state constitutions that created non-predatory governments. He shows how, by the end of Andrew Jackson's administration, America's financial system was contributing to national growth while at the same time new national and state debts were amassing, sealing the fate for future generations.
State And Market In Victorian Britain
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Author : Martin J. Daunton
language : en
Publisher: Boydell Press
Release Date : 2008
State And Market In Victorian Britain written by Martin J. Daunton and has been published by Boydell Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Traces the effects and consequences of radical economic change, moral, social, and fiscal, in the Victorian period.
Global Waves Of Debt
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Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-03
Global Waves Of Debt written by M. Ayhan Kose and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
The Rise Of Fiscal States
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Author : Bartolomé Yun-Casalilla
language : en
Publisher: Cambridge University Press
Release Date : 2012-05-24
The Rise Of Fiscal States written by Bartolomé Yun-Casalilla and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-24 with Business & Economics categories.
Leading economic historians present a groundbreaking series of country case studies exploring the formation of fiscal states in Eurasia.
Disorder
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Author : Helen Thompson
language : en
Publisher: Oxford University Press
Release Date : 2022
Disorder written by Helen Thompson and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with POLITICAL SCIENCE categories.
"Explains why we in the West, live in the political times we do; a moment of historical time arising from systemic dynamics that have wrought predicaments to confront and not problems to be solved. A retrospective and predictive account of the political shocks of 2016 and onwards, and how the specific consequences of the structural historical forces at work are ongoing and in good part inexorable. Argues that these political times arise and disruption will continue from the intersection of fault lines generated by a geopolitical cycle that has been disrupted, but is not over"--Publisher's description.
The Debt System
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Author : Éric Toussaint
language : en
Publisher: Haymarket Books
Release Date : 2019-04-23
The Debt System written by Éric Toussaint and has been published by Haymarket Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-23 with Business & Economics categories.
“A compelling explanation of the deep-seated mechanisms at work in the international credit system” from the coauthor of Debt, the IMF, and the World Bank (Counterfire). For as long as there have been rich nations and poor nations, debt has been a powerful force for maintaining the unequal relations between them. Treated as sacrosanct, immutable, and eternally binding, it has become the yoke of choice for imperial powers in the post-colonial world to enforce their subservience over the global south. In this ground-breaking history, renowned economist Éric Toussaint argues for a radical reversal of this balance of accounts through the repudiation of sovereign debt. “Since 2008 CADTM has campaigned for ‘a new doctrine of illegitimate, illegal, odious, and unsustainable debt’ cancellation. This doctrine includes considerations of whether the debtor state is democratic, whether it respects human rights, whether the debt is incurred within the framework of ‘structural adjustments’ (enforced austerity), and includes all debts incurred to pay back previous odious debts. On grounds of global social justice, The Debt System makes a strong case for this new doctrine.” —Against the Current “This work has much to commend it; it provides detailed analyses of the impact of indebtedness in several nations . . . The author shows that, contrary to orthodox arguments, debt repudiation can be both justified and successfully carried out. I recommend the book wholeheartedly.” —Counterfire
House Of Debt
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Author : Atif Mian
language : en
Publisher: University of Chicago Press
Release Date : 2015-05-20
House Of Debt written by Atif Mian and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-20 with Business & Economics categories.
“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
When Globalization Fails
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Author : James MacDonald
language : en
Publisher: Macmillan + ORM
Release Date : 2015-01-06
When Globalization Fails written by James MacDonald and has been published by Macmillan + ORM this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-06 with History categories.
IS GLOBALIZATION AN UNINTENDED RECIPE FOR WAR? Taking this question as its starting point, James Macdonald's When Globalization Fails offers a rich, original account of war, peace, and trade in the twentieth century—and a cautionary tale for the twenty-first. In the late nineteenth century, liberals exulted that the spread of international commerce would usher in prosperity and peace. An era of economic interdependence, they believed, would render wars too costly to wage. But these dreams were dashed by the carnage of 1914–1918. Seeking the safety of economic self-sufficiency, nations turned first to protectionism and then to territorial expansion in the 1930s—leading again to devastating conflict. Following the Second World War, the globalists tried once more. With the communist bloc disconnected from the global economy, a new international order was created, buttressing free trade with the informal supremacy of the United States. But this benign period is coming to an end. According to Macdonald, the global commerce in goods is a mixed blessing. It makes nations wealthier, but also more vulnerable. And while economic interdependence pushes toward cooperation, the resulting sense of economic insecurity pulls in the opposite direction—toward repeated conflict. In Macdonald's telling, the First World War's naval blockades were as important as its trenches, and the Second World War can be understood as an inevitable struggle for vital raw materials in a world that had rejected free trade. Today China's economic and military expansion is undermining the Pax Americana that had kept economic insecurities at bay, threatening to resurrect the competitive multipolar world of the early twentieth century with all its attendant dangers. Expertly blending political and economic history and enlivened by vivid quotation, When Globalization Fails recasts what we know about the past and raises vital questions about the future.