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Questioning Credible Commitment - Perspectives on the Rise of Financial Capitalism (Hardcover, New)
Loot Price: R2,966
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Questioning Credible Commitment - Perspectives on the Rise of Financial Capitalism (Hardcover, New)
Series: Macroeconomic Policy Making
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Financial capitalism emerged in a recognisably modern form in late
seventeenth- and eighteenth-century Great Britain. Following the
seminal work of Douglass C. North and Barry R. Weingast (1989),
many scholars have concluded that the 'credible commitment' that
was provided by parliamentary backing of government as a result of
the Glorious Revolution of 1688 provided the key institutional
underpinning on which modern public finances depend. In this book,
a specially commissioned group of historians and economists examine
and challenge the North and Weingast thesis to show that multiple
commitment mechanisms were necessary to convince public creditors
that sovereign debt constituted a relatively accessible, safe and
liquid investment vehicle. Questioning Credible Commitment provides
academics and practitioners with a broader understanding of the
origins of financial capitalism, and, with its focus on theoretical
and policy frameworks, shows the significance of the debate to
current macroeconomic policy making.
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