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Books > History > History of specific subjects > Economic history
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Why Not Default? - The Political Economy of Sovereign Debt (Paperback)
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Why Not Default? - The Political Economy of Sovereign Debt (Paperback)
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How creditors came to wield unprecedented power over heavily
indebted countries-and the dangers this poses to democracy The
European debt crisis has rekindled long-standing debates about the
power of finance and the fraught relationship between capitalism
and democracy in a globalized world. Why Not Default? unravels a
striking puzzle at the heart of these debates-why, despite frequent
crises and the immense costs of repayment, do so many heavily
indebted countries continue to service their international debts?
In this compelling and incisive book, Jerome Roos provides a
sweeping investigation of the political economy of sovereign debt
and international crisis management. He takes readers from the rise
of public borrowing in the Italian city-states to the gunboat
diplomacy of the imperialist era and the wave of sovereign defaults
during the Great Depression. He vividly describes the debt crises
of developing countries in the 1980s and 1990s and sheds new light
on the recent turmoil inside the Eurozone-including the dramatic
capitulation of Greece's short-lived anti-austerity government to
its European creditors in 2015. Drawing on in-depth case studies of
contemporary debt crises in Mexico, Argentina, and Greece, Why Not
Default? paints a disconcerting picture of the ascendancy of global
finance. This important book shows how the profound transformation
of the capitalist world economy over the past four decades has
endowed private and official creditors with unprecedented
structural power over heavily indebted borrowers, enabling them to
impose painful austerity measures and enforce uninterrupted debt
service during times of crisis-with devastating social consequences
and far-reaching implications for democracy.
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