Politics And Public Debt
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A World Of Public Debts
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Author : Nicolas Barreyre
language : en
Publisher: Springer Nature
Release Date : 2020-10-26
A World Of Public Debts written by Nicolas Barreyre and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-26 with Business & Economics categories.
This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency misses the fact that, since the eighteenth century, public debts and capital markets have on many occasions been used by states to enforce their sovereignty and build their institutions, especially in times of war. It is nonetheless striking to observe that certain solutions that were used in the past to smooth out public debt crises (inflation, default, cancellation, or capital controls) were left out of the political framing of the recent crisis, therefore revealing how the balance of power between bondholders, taxpayers, pensioners, and wage-earners has evolved over the past 40 years. Today, as the Covid-19 pandemic opens up a dramatic new crisis, reconnecting the history of capitalism and that of democracy seems one of the most urgent intellectual and political tasks of our time. This global political history of public debt is a contribution to this debate and will be of interest to financial, economic, and political historians and researchers. Chapters 13 and 19 are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
The Political Economy Of Public Debt
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Author : Richard M. Salsman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-02-24
The Political Economy Of Public Debt written by Richard M. Salsman and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-24 with categories.
How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.
In The Red
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Author : Zsofia Barta
language : en
Publisher: University of Michigan Press
Release Date : 2018-03-06
In The Red written by Zsofia Barta and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-06 with Business & Economics categories.
Insightful study that identifies the underlying factors contributing to countries continually accumulating immense debt
Fragmented Politics And Public Debt
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Author : Ernesto Crivelli
language : en
Publisher:
Release Date : 2015
Fragmented Politics And Public Debt written by Ernesto Crivelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Debts, Public categories.
Debt Default And Democracy
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Author : Giuseppe Eusepi
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018
Debt Default And Democracy written by Giuseppe Eusepi and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The original chapters in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences.
Public Debt And The Common Good
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Author : James Odom
language : en
Publisher: Routledge
Release Date : 2018-07-18
Public Debt And The Common Good written by James Odom and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-18 with Political Science categories.
The American national debt stands at $20.49 trillion as of January 2018, or roughly $63,000 for every person in the United States. The national debt has grown six-fold in the past 25 years, and borrowing only has accelerated in recent administrations. What are the factors driving such unrestrained borrowing? Is American fiscal policy different now than in an earlier era? Is there a moral dimension to public debt and, if so, how can that dimension be measured? Public Debt and the Common Good addresses these and other questions by looking to the fiscal policy of the American states. Drawing on classical themes and the longest quantitative review of state debt in the literature, James Odom expertly integrates institutional analysis with dimensions of culture to define the parameters of political freedom in a theoretically coherent way. In doing so, Odom argues that centralization and injustice, or the incapacity for the common good, can help explain state indebtedness. Contributing to ongoing scholarly debates on public debt theory, this book will be of interest to students, scholars, and practitioners who work at the intersection of political philosophy and economics, as well as those who specialize in state public policy, state politics, and federalism more generally.
Public Debt And The Birth Of The Democratic State
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Author : David Stasavage
language : en
Publisher: Cambridge University Press
Release Date : 2003-04-28
Public Debt And The Birth Of The Democratic State written by David Stasavage 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 2003-04-28 with Political Science categories.
This book develops new theory about the link between debt and democracy and applies it to a classic historical comparison: Great Britain in the eighteenth century which had strong representative institutions and sound public finance vs. ancient regime France, which had neither. The book argues that whether representative institutions improve commitment depends on the opportunities for government creditors to form new coalitions with other social groups, more likely to occur when a society is divided across multiple political cleavages. It then presents historical evidence to show that improved access to finance in Great Britain after 1688 had as much to do with the development of the Whig Party as with constitutional changes. In France, it is suggested that the balance of partisan forces made it unlikely that an early adoption of 'English-style' institutions would have improved credibility.
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.
Public Debt As A Form Of Public Finance
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Author : Richard E. Wagner
language : en
Publisher: Cambridge University Press
Release Date : 2019-05-30
Public Debt As A Form Of Public Finance written by Richard E. Wagner 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 2019-05-30 with Business & Economics categories.
Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action.
In Defense Of Public Debt
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Author : Barry Eichengreen
language : en
Publisher: Oxford University Press
Release Date : 2021-08-11
In Defense Of Public Debt written by Barry Eichengreen 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 2021-08-11 with Business & Economics categories.
A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debtsabout the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergenciesfrom wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governmentsnow more heavily indebted than beforefinally emerge from the crisis.