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Author: Kenneth H. F. Dyson
Publisher: Oxford University Press (UK)
Published: 2014
Total Pages: 801
ISBN-13: 0198714076
DOWNLOAD EBOOKStates, Debt, and Power deals with one of the most pressing political and policy issues of the 21st century: the so-called 'crisis of debt' with its effects on perceptions of state power and of the relevance and value of democratic politics and of European integration.
Author: Sandy Brian Hager
Publisher: Univ of California Press
Published: 2016-06-24
Total Pages: 173
ISBN-13: 0520284666
DOWNLOAD EBOOKIntroduction : public debt, inequality and power -- The spectacle of a highly centralized public debt -- The bondholding class resurgent -- Fiscal conflict : past and present -- Bonding domestic and foreign owners -- Who rules the debt state? -- Conclusion : informing democratic debate -- Appendix : accounting for the public debt
Author: David Stasavage
Publisher: Princeton University Press
Published: 2015-06-23
Total Pages: 208
ISBN-13: 0691166730
DOWNLOAD EBOOKStates of Credit provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. In this pioneering book, David Stasavage argues that unique advances in political representation allowed certain European states to gain early and advantageous access to credit, but the emergence of an active form of political representation itself depended on two underlying factors: compact geography and a strong mercantile presence. Stasavage shows that active representative assemblies were more likely to be sustained in geographically small polities. These assemblies, dominated by mercantile groups that lent to governments, were in turn more likely to preserve access to credit. Given these conditions, smaller European city-states, such as Genoa and Cologne, had an advantage over larger territorial states, including France and Castile, because mercantile elites structured political institutions in order to effectively monitor public credit. While creditor oversight of public funds became an asset for city-states in need of finance, Stasavage suggests that the long-run implications were more ambiguous. City-states with the best access to credit often had the most closed and oligarchic systems of representation, hindering their ability to accept new economic innovations. This eventually transformed certain city-states from economic dynamos into rentier republics. Exploring the links between representation and debt in medieval and early modern Europe, States of Credit contributes to broad debates about state formation and Europe's economic rise.
Author: Richard Lachmann
Publisher: John Wiley & Sons
Published: 2013-04-26
Total Pages: 342
ISBN-13: 0745659012
DOWNLOAD EBOOKStates over the past 500 years have become the dominant institutions on Earth, exercising vast and varied authority over the economic well-being, health, welfare, and very lives of their citizens. This concise and engaging book explains how power became centralized in states at the expense of the myriad of other polities that had battled one another over previous millennia. Richard Lachmann traces the contested and historically contingent struggles by which subjects began to see themselves as citizens of nations and came to associate their interests and identities with states, and explains why the civil rights and benefits they achieved, and the taxes and military service they in turn rendered to their nations, varied so much. Looking forward, Lachmann examines the future in store for states: will they gain or lose strength as they are buffeted by globalization, terrorism, economic crisis and environmental disaster? This stimulating book offers a comprehensive evaluation of the social science literature that addresses these issues and situates the state at the center of the world history of capitalism, nationalism and democracy. It will be essential reading for scholars and students across the social and political sciences.
Author: Richard H. Robbins
Publisher: Manchester University Press
Published: 2016-01-01
Total Pages: 228
ISBN-13: 1526104830
DOWNLOAD EBOOKThis electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. Debt as power is a timely and innovative contribution to our understanding of one of the most prescient issues of our time: the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. The book is distinctive in offering a historically sensitive and comprehensive analysis of debt as an interconnected and global phenomenon.
Author: Michel Aglietta
Publisher: Verso Books
Published: 2018-10-23
Total Pages: 433
ISBN-13: 1786634449
DOWNLOAD EBOOKThe major French economist offers a new theory of money As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.” What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.
Author: Mr.Barry J. Eichengreen
Publisher: International Monetary Fund
Published: 2019-01-15
Total Pages: 60
ISBN-13: 1484392892
DOWNLOAD EBOOKWe consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
Author: Nicolas Barreyre
Publisher: Springer Nature
Published: 2020-10-26
Total Pages: 593
ISBN-13: 3030487946
DOWNLOAD EBOOKThis 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.
Author: Mr.Thomas J Sargent
Publisher: International Monetary Fund
Published: 2019-11-08
Total Pages: 322
ISBN-13: 1513511793
DOWNLOAD EBOOKWorld War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.
Author: Richard M. Salsman
Publisher: Edward Elgar Publishing
Published: 2017-02-24
Total Pages: 337
ISBN-13: 1785363387
DOWNLOAD EBOOKHow 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.
