How foreign lending weakens emerging nations In the nineteenth
century, many developing countries turned to the credit houses of
Europe for sovereign loans to balance their books and weather major
fiscal shocks such as war. This reliance on external public finance
offered emerging nations endless opportunities to overcome barriers
to growth, but it also enabled rulers to bypass critical stages in
institution building and political development. Pawned States
reveals how easy access to foreign lending at early stages of state
building has led to chronic fiscal instability and weakened state
capacity in the developing world. Drawing on a wealth of original
data to document the rise of cheap overseas credit between 1816 and
1913, Didac Queralt shows how countries in the global periphery
obtained these loans by agreeing to "extreme conditionality," which
empowered international investors to take control of local revenue
sources in cases of default, and how foreclosure eroded a country's
tax base and caused lasting fiscal disequilibrium. Queralt goes on
to combine quantitative analysis of tax performance between 1816
and 2005 with qualitative historical analysis in Latin America,
Asia, Africa, and the Middle East, illustrating how overreliance on
external capital by local leaders distorts their incentives to
expand tax capacity, articulate power-sharing institutions, and
strengthen bureaucratic apparatus. Panoramic in scope, Pawned
States sheds needed light on how early and easy access to external
finance pushes developing nations into trajectories characterized
by fragile fiscal institutions and autocratic politics.
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